Infibeam Avenues Limited, India’s foremost AI-powered fintech company, has achieved a significant milestone with the final authorization from the Reserve Bank of India (RBI) to operate as a Payment Aggregator under the Payment Settlements Act, 2007, specifically for its renowned payment gateway brand, CCAvenue.

Initially granted an “in-principle” approval in October 2022, Infibeam Avenues Ltd has now received the ultimate seal of approval from the RBI, solidifying its position as a leading player in the digital payment ecosystem. The introduction of the payment aggregator framework by the RBI in March 2020 underscores the imperative for payment gateways to obtain an aggregator license, thus enabling them to onboard merchants and deliver cutting-edge digital payment acceptance solutions.

Mr. Vishwas Patel, Joint Managing Director of Infibeam Avenues Ltd, expressed gratitude towards the RBI, stating, “We are grateful to RBI for granting us the Payment Aggregator license. 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.”

Highlighting the monumental impact of this license on the company’s payment business, Mr. Patel added, “The final payment aggregator license granted by the RBI is a monumental boost for our payment business. And with this license, we will allow us to continue the seamless and secure digital payment growth and increase financial inclusivity for the masses.”

Infibeam Avenues Ltd, with over 10 million merchants on its platform, has witnessed substantial growth, onboarding half a million merchants in the 1H FY24 alone. Mr. Vishal Mehta, Chairman and Managing Director of Infibeam Avenues Ltd, expressed enthusiasm about the prospects, stating, “We 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 an accelerated market share growth,”

In addition to its achievements in the payment gateway arena, Infibeam Avenues Ltd’s CCAvenue has been a pioneering force in simplifying digital transactions for businesses across sectors. With recent RBI approval to act as an Operating Unit under Bharat Bill Pay license, and innovations such as the CCAvenue mobile app featuring India’s first pin-on-glass SoftPoS solution, the company continues to push boundaries in enhancing digital payment accessibility and inclusivity, aligning with the RBI’s vision to support small businesses nationwide.