Infibeam Avenues gets RBI nod as payment aggregator

Mumbai: Infibeam Avenues Limited, a leading payments infrastructure company, said it has received “in-principle” approval from RBI to operate as a Payment Aggregator (PA).
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 positive nod from RBI will reiterate Infibeam’s flagship brand CCAvenee’s position as one of India’s most experienced and secured digital payment gateways.

Mr. Vishal Mehta, Managing Director, Infibeam Avenues Ltd, said, “It’s a vital development as it energizes our vision and mission to build India’s biggest digital payment infrastructure company. Our flagship payments brand CCAvenue is already one of the top payment gateway brands in India, delivering superior digital products & services to majority of the financial institutions, SMEs, MSMEs and merchants.
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 bankable they will be for banks to offer loans, as this boosts their business and the nation’s economy.”
Emphasizing the possibilities that a PA license brings, Mr. Vishwas Patel, Executive Director, Infibeam Avenues Ltd., 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. CCAvenue, one of the most experienced payment gateway players in the country and known for building several first innovative payment products to date, is honored to be entrusted with this responsibility. 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.” (UNI)