Infibeam Avenues’s flagship payments brand -- CCAvenue, has become the first payment gateway player to process Central Bank Digital Currency (CBDC) or Digital Rupee transactions for online retail merchants.
CCAvenue has facilitated CBDC online transactions for one of the leading private sector banks, the company said in a release.
RBI had on December 1 launched the first pilot of the e-rupee retail segment. The central bank notified eight banks for the pilot--beginning with State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank in the first phase across Mumbai, New Delhi, Bengaluru and Bhubaneswar.
In the second phase, the pilot will be carried out by Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank, with the facility being extended to Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna and Shimla.
“We are now going to process CBDC transactions for online retail payments. We are ready to share our technology with more banking partners to roll-out CBDC aggressively. We have the necessary processes and compliance in place to quickly onboard and instantly activate new merchants,” said Infibeam Avenues MD Vishal Mehta.
Infibeam Avenues recently received the Payment Aggregator license from RBI, followed by a perpetual license to operate as Bharat Bill Payment Operating Unit (BBPOU).