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Infibeam Avenues gets RBI approval to operate as payment aggregator

October 31, 2022

Infibeam Avenues gets RBI approval to operate as payment aggregator
Payments infrastructure company Infibeam Avenues on Thursday said it has received in-principle approval from the Reserve Bank of India (RBI) to operate as a payment aggregator. The approval will provide a substantial boost to the company to further expand its reach in multiple business segments for both online and recently launched offline digital transactions. Infibeam operates the digital payment gateway CCAvenue.

The company said it has the highest portfolio of payment options for merchants with over 200 plus multi-currency payment options in India alone with a run rate of 4 lakh crore annually across the platform. “Given its wide network across industry verticals and quantum of transaction processing volume (TPV), Infibeam’s flagship brand CCAvenue is well placed to leverage the new role as a payment aggregator and help bring a greater number of micro-entrepreneurs under the fold of e-commerce.”

Vishal Mehta, Managing Director at Infibeam Avenues said CCAvenue is already one of the top payment gateway brands in India, delivering superior digital products and services to the majority of 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 the more they will be bankable for banks to offer loans, as this boosts their business and the nation’s economy,” he said.

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