SUMMARY
It received in-principle approval from the apex bank for the payment aggregation business but the final licence was given recently
The latest payment aggregator framework was introduced by the RBI in March 2020 which mandates payment gateways to secure an aggregator licence for acquiring merchants
The company claims to have a base of more than 10 Mn merchants on its platform, and has onboarded over 500K merchants in H1 FY24
Artificial intelligence-powered fintech company Infibeam Avenues on Tuesday (March 5) said it has secured authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator for its payment gateway brand CCAvenue.
The company said that it has received an in-principle approval from the apex bank for the payment aggregation business. However, the final licence was given recently.
On the development, Infibeam’s joint managing director Vishwas Patel said, “The final payment aggregator licence granted by the RBI is a monumental boost for our payment business. And with this licence we will allow us to continue the seamless and secure digital payment growth and increase financial inclusivity for the masses.”
The latest payment aggregator framework was introduced by the RBI in March 2020 which mandates payment gateways to secure an aggregator licence for acquiring merchants and delivering digital payment acceptance solutions.
Founded in 2007, Infibeam is a listed company that offers comprehensive digital payment solutions and enterprise software platforms to businesses and governments across industry verticals.
The company claims to have a base of more than 10 Mn merchants on its platform, and has onboarded over 500K merchants in H1 FY24. The company attributes this growth to the growing relationship with the bank partners and merchants.
Under Infibeam’s brand CCAvenue, the company also launched a mobile app which, it claims to be India’s first pin-on-glass SoftPoS solution – CCAvenue TapPay for merchants and kiranas across the country.
The company offers more than 200 payment gateway solutions allowing its clients to accept payments through websites and mobile devices in 27 currencies. According to the company, it processed transactions worth $54 Bn in FY23. in addition to India, the company is operational across the UAE, Saudi Arabia, Australia, and the US.
Recently, the company acquired a 20% stake in US-based AI company XDuce for $10 Mn to leverage its tech stack and bolster the growth of Infibeam’s payment gateway brand, CCAvenue, in the US.
It reported a 64% jump in the PAT to INR 42.1 Cr in the Q3 of FY24 from INR 25.7 Cr in the previous year’s corresponding quarter.
