Infibeam Avenues, India’s pioneering AI-powered fintech company and the country’s first listed entity in this domain, has achieved a significant milestone. On March 4, the Reserve Bank of India (RBI) granted the final authorization for Infibeam Avenues to function as a payment aggregator under its renowned payment gateway brand, CCAvenue. This development follows the in-principle approval given in October 2022.
Key Points
1. Final Authorization from RBI:
- Infibeam Avenues has received the definitive nod from the RBI to operate as a payment aggregator (PA), affirming its position in the digital payments landscape.
2. Compliance with RBI Framework:
- The RBI introduced the Payment Aggregator (PA) framework in March 2020, mandating payment gateways to obtain an aggregator license for merchant acquisition and provision of digital payment acceptance solutions.
3. Merchant Onboarding Growth:
- With over 10 million merchants already on its platform, Infibeam Avenues has witnessed remarkable growth, onboarding more than half a million merchants in the first half of FY24 alone.
4. Impact of Bank Partnerships:
- The company attributes its rapid expansion to the burgeoning relationships with bank partners and merchants, demonstrating its commitment to fostering mutually beneficial collaborations within the financial ecosystem.
5. Innovative Solutions:
- Infibeam Avenues has introduced innovative solutions like the CCAvenue mobile app, featuring India’s first pin-on-glass SoftPoS solution – CCAvenue TapPay. This technology is poised to revolutionize digital payments for merchants and Kiranas across the nation.