RBI Grants Payment Aggregator License to Infibeam Avenues

Infibeam Avenues, India’s first listed AI-powered fintech company, has received the final authorisation from the RBI to operate as a payment aggregator for its payment gateway brand, CCAvenue.

What is a payment aggregator?

A payment aggregator is an entity that facilitates ecommerce websites, mobile apps and merchants to accept various payment instruments from customers for their transactions without the need for merchants to create their own payment interface. Payment aggregators enable seamless and secure digital payments for online transactions.

Why is this important?

The RBI had introduced the payment aggregator framework in March 2020, which mandated that payment gateways need to obtain an aggregator licence to acquire merchants and offer digital payment acceptance solutions. The licence is granted under the Payment Settlements Act, 2007, which regulates the functioning of payment systems in India.

The licence is expected to boost the growth and expansion of Infibeam Avenues’ payment business, which has already captured significant market share in the payment gateway and the bill payments space. The company has over 10 million merchants on its platform, and in H1 of FY24, it onboarded half a million merchants.

How did Infibeam Avenues get the licence?

Infibeam Avenues had received the in-principle approval from the RBI to operate as a payment aggregator in October 2022. The company received the final authorisation on March 4, 2024, after fulfilling the necessary compliance and operational requirements.

Vishal Mehta, Chairman and Managing Director of Infibeam Avenues Ltd, said that 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 accelerated market share growth,” he said.

Vishwas Patel, Joint Managing Director of Infibeam Avenues Ltd, said that they are grateful to the RBI for granting them 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 recognises CCAvenue, our flagship payment gateway brand, as the gold standard payments platform, thanks to our rigorous compliance standards for onboarding Indian merchants as well as processing transactions securely at scale,” he said.

What are the benefits of CCAvenue?

CCAvenue is one of India’s leading payment gateways that offers a wide range of payment options such as credit cards, debit cards, net banking, UPI, wallets and more. CCAvenue also provides features such as multi-currency support, dynamic routing, real-time fraud detection, smart analytics and reporting.

CCAvenue app helps merchants use their Android phone as a payment acceptance terminal without the need for a point-of-sale machine. CCAvenue also offers value-added services such as invoicing, subscription billing, recurring payments and loyalty programs.

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