Ahmedabad, Oct 27: E-commerce and payments solutions provider Infibeam Avenues Limited on Thursday received in-principle approval from Reserve Bank of India (RBI) to operate as a payment aggregator.
The development is expected to give Infibeam a substantial boost to further expand its reach in multiple business segments for both online and recently-launched offline digital transactions.
Infibeam operates a flagship digital payment gateway CCAvenue.
Infibeam has payment options for merchants with over 200 multi-currency payment options in India with run rate of ₹4 lakh crore annually across the platform, a statement said.
Vishal Mehta, Managing Director, Infibeam Avenues Ltd, said, "With regulators entrusting faith in us, we promise to ourselves to make all Indian kiranas and merchants Digital, Credible & Bankable (DCB). As more merchants transact digitally, the more they gain financial credibility and more they will be bankable for banks to offer loans, as this boosts their business and the nation's economy."
In March 2022, RBI issued a framework for payment aggregators in India, under which payment aggregators are mandated to obtain a license for acquiring merchants and provide them with digital payments acceptance solutions.
The payment aggregator also provides an easy and affordable way of accepting payments to help small business adapt to digital ways in a streamlined manner.
Infibeam has received RBI approval to act as an Operating Unit under Bharat Bill Pay license and now Payment Aggregator license.
Recently, the Company has launched CCAvenue mobile app, which is among the world’s most advanced omni-channel payment app.
The app features India’s first pin-on-glass SoftPoS solution – CCAvenue TapPay for merchants and kiranas across the country. The app is free and can be downloaded on any Android phone and convert the phone into a payment acceptance terminal without the need for Point of Sale machine.