Fintech Company Infibeam Avenues Granted RBI Authorization for Payment Aggregator License

A payment aggregator serves as an intermediary entity facilitating online payments for e-commerce merchants by offering a unified platform to accept payments via various channels such as credit cards, debit cards, net banking, UPI, and digital wallets. These aggregators act as a bridge between merchants and banks or payment service providers, managing fund settlement, security, compliance, and customer support. In essence, payment aggregators streamline the payment process for merchants, enhancing their ability to offer seamless and convenient payment experiences to customers without grappling with the complexities of integrating multiple payment gateways.

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Payment aggregators play a pivotal role in the digital payment ecosystem by:

• Enhancing Customer Experience: By providing a single platform for accepting diverse payment modes, payment aggregators enable merchants to offer hassle-free and user-friendly payment experiences to customers, thereby increasing satisfaction and loyalty.
• Increasing Digital Payment Adoption: Particularly beneficial for small and medium enterprises (SMEs) and the unorganized sector, payment aggregators help drive the adoption of digital payments by offering accessible solutions that circumvent the challenges posed by traditional banking systems.
• Simplifying Payment Processes: By consolidating payment channels and handling settlement processes, payment aggregators simplify payment operations for merchants, reducing administrative burdens and operational complexities.
• Fostering Innovation: Payment aggregators contribute to the evolution of the digital payment landscape by introducing innovative solutions and adapting to emerging technologies and market trends, thereby promoting further growth and development in the sector.

Infibeam Avenues, operating under the CCAvenue brand, received the Reserve Bank of India’s (RBI) final authorization for a payment aggregator license. This approval, granted in March 2024, marked the culmination of a regulatory process initiated by the RBI in March 2020 to supervise and regulate payment aggregators. Infibeam Avenues, being among the early applicants, obtained in-principle approval in October 2022 and subsequently fulfilled all requirements to secure the final authorization.

Infibeam Avenues, a prominent AI-powered fintech and enterprise software company, has demonstrated robust growth and profitability, with revenues of Rs 912 crore and profits of Rs 40.8 crore in the last quarter. Notable achievements include:

• Expansion of Merchant Base: Surpassing 10 million merchants on its platform, with over 50 lakh additions in the first half of FY24.
• Product Innovation: Launching the CCAvenue mobile app, featuring the innovative SoftPoS solution “CCAvenue TapPay,” facilitating card and UPI payments via mobile phones.
• Regulatory Approvals: Securing approval from the RBI to operate as an Operating Unit under the Bharat Bill Pay license, expanding its bill payment services.
• Strategic Partnerships: Collaborating with Jio Platforms to power its e-commerce venture, JioMart, and expanding global presence through acquisitions and joint ventures.

Infibeam Avenues’ future plans include substantial investments in technology and infrastructure, launching new products such as CCAvenue PayLater and CCAvenue BizPro, and exploring new markets and geographies.

Infibeam Avenues’ receipt of the RBI’s final authorization as a payment aggregator underscores its commitment to innovation and excellence in the digital payment space. With a strong foundation, robust financial performance, and strategic initiatives, the company is poised to emerge as a leading player in India’s digital payment ecosystem. Infibeam Avenues’ focus on expansion, product innovation, and regulatory compliance positions it for sustained growth and leadership in the dynamic fintech landscape.