Infibeam Avenues has received in-principle approval from the Reserve Bank of India to operate as a payment aggregator. 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 Company has received RBI approval to act as an Operating Unit under the Bharat Bill Pay licence before receiving the Payment Aggregator licence. Infibeam offers services via its brand CCAvenue. It recently launched a free-to-use app for CCAvenue, which can be used to accept payments via QR codes, link-based payments, and tap-to-pay.
Co-Founder Vishwas Patel said, “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. 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.”
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.
