Infibeam Avenues Soars 8% on Final RBI Payment Aggregator License Grant for CCAvenue

5 Mar 2024 , 02:05 PM

Infibeam Avenues surges over 8% as RBI grants final authorization for payment aggregator license under Payment Settlements Act, 2007 for CCAvenue. In October 2022, Infibeam Avenues received in-principle approval from RBI to operate as a Payment Aggregator (PA), now granted the final license.

Infibeam Avenues shares traded at ₹36.85 on the NSE, witnessing a remarkable 145% surge in the last six months, while Nifty 50 rose by 14% in the same period.

RBI introduced a payment aggregator framework in March 2020, requiring payment gateways to obtain aggregator licenses for merchant acquisition and digital payment solutions.

Infibeam Avenues hosts over 10 million merchants on its platform, with 50 lakh onboarded in H1FY24, attributing growth to bank partnerships and merchant relationships. Infibeam Avenues obtains RBI approval to function as an Operating Unit under a Bharat Bill Pay license.

Board approves acquisition of 20% stake in US-based XDuce Corporation and incorporation of a wholly-owned subsidiary in IFSC, GIFT CITY, Gandhinagar, focusing on payment services as Payment Service Provider (PSP). The board also sanctions the divestment of 85,000 equity shares in Fable Fintech Private Limited, no longer an associate of the company.

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