India’s first listed AI-powered fintech company, Infibeam Avenues, received the final authorisation from the Reserve Bank of India (RBI)
to operate as a payment aggregator for its payment gateway brand, CCAvenue.
A media release said that after receiving the in-principle approval from the RBI to operate as a payment aggregator (PA) in October 2022, the company received the final authorisation on March 4.
The RBI had in March 2020 introduced the PA framework, which necessitates payment gateways to secure an aggregator licence for acquiring merchants and delivering digital payment acceptance solutions.
Vishwas Patel, joint managing director of Infibeam Avenues Ltd, said the company is ]grateful to the RBI for granting the PA licence. "It’s a testimony of our unwavering commitment to maintaining ever evolving regulatory standards and it highlights the significance of our role in advancing the digital payments industry over the last 24 years. The industry already recognizes CCAvenue, our flagship payment gateway brand, as the gold standard payments platform, thanks to our rigorous compliance standards for onboarding Indian merchants as well processing transactions securely at scale. The final payment aggregator licence granted by the RBI is a monumental boost for our payment business. And with this licence we will allow us to continue the seamless and secure digital payment growth and increase financial inclusivity for the masses," he said.
More than 10 million merchants are on Infibeam’s platform and this year, the company has already crossed half a million merchant onboarding in 1H FY24, as per the release. The company attributes this growth to the growing relationship with the bank partners and merchants, the release further added.
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Vishal Mehta, Chairman and Managing Director of Infibeam Avenues said they are thrilled and thankful to receive the final approval from the RBI. "This PA license along with the BBPOU license is a testament to our commitment to innovation and excellence. We have successfully
captured significant market share in the payment gateway and the Bill Payments space, and we are now poised for even greater expansion in the coming months and will now gear up for an accelerated market
share growth," he said.
The company has earlier launched CCAvenue mobile app which features India’s first pin-on-glass SoftPoS solution – CCAvenue TapPay for Merchants and Kiranas across the country.
The company reported a net Profit of Rs. 41.44 crore in December 2023 up 15.72 percent from Rs. 35.81 crore in December 2022.
On March 5, at 9.23 am, the shares of Infibeam Avenues were trading up almost 8 percent at Rs 37.75 apiece.
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