Fintech firm Infibeam Avenues has received the Reserve Bank of India’s (RBI) nod to operate as a Payment Aggregator, the firm has said in a BSE filing.
“Under this provision, the fintech major will get a substantial boost to further expand its reach in multiple business segments for both online and recently launched offline digital transactions,” the firm said in the filing.
Founded in 2007 by Vishal Mehta and Vishwas Patel, Infibeam provides e-commerce and payment solutions to merchants, enterprises, corporations, and governments in both domestic as well as international markets to enable online commerce.
The company's payment infrastructure solution includes acquiring and issuing solutions and offering infrastructure for banks. The core Payment Gateway (PG) business provides 200 plus payment options to the merchants allowing them to accept payments through website and mobile devices in 27 international currencies.
“Having been a frontrunner in digital payments and led this fintech revolution through innovative payment solutions for the past two decades, we are super excited as we see new possibilities lying ahead with this Payment Aggregator license,” cofounder Patel said.
CCAvenue, Infibeam’s online credit card processing business, helps build several first innovative payment products to date.
The Company has received RBI approval to act as an Operating Unit under the Bharat Bill Pay licence before receiving the Payment Aggregator licence. Recently, the Company launched CCAvenue mobile app. The app features a pin-on-glass SoftPoS solution – CCAvenue TapPay for Merchants and Kiranas across the country. Since it is an app, the merchant can download it for free on any Android phone, and convert any Android phone into a payment acceptance terminal without the need for Point of Sale machine.
“We will ensure more secure digital payment innovations are delivered to serve and help to grow millions of Indian merchants and simultaneously make India a digital nation,” Patel added.
In September of 2022, Payment gateway Cashfree Payments received in-principle approval from the RBI for the payment aggregator (PA) as well as prepaid payment instrument (PPI) licences.
Other players who have received the RBI's in-principal approval for the licence include Razorpay, Pine Labs, Innoviti, Easebuzz, Stripe, MSwipe, NTT Data Payment Services, and 1Pay Mobileware.
In a new set of guidelines issued in March 2020, the RBI mandated that all PAs be authorised by the central bank. For this, the regulator instructed non-bank companies offering PA services to apply for authorisation by June 30, 2021, which was later pushed to September 30, 2021.
Infibeam processed transactions worth Rs 2.8 trillion (US$ 37 billion) in FY22 for its 5 million-plus clients across digital payments and enterprise software platforms, it said in the statement.
The company's vast clientele includes merchants, enterprises, corporations, governments, and financial institutions in both domestic as well as international markets.
Infibeam Avenues' international operations are based in the United Arab Emirates, the Kingdom of Saudi Arabia, Australia, and the United States of America.