Infibeam Avenues stock gains 13.5% on receiving RBI's approval for Payment Aggregator Licence

28 Oct 2022 , 09:48 AM

Infibeam Avenues Limited has received “in-principle” approval from Reserve Bank of India (RBI) to operate as a Payment Aggregator.

Under this provision, the fintech major will get a substantial boost to further expand its reach in multiple business segments for both online and recently launched offline digital transactions. The positive approval from RBI will reiterate Infibeam’s flagship brand CCAvenue’s position as one of India’s most experienced and secured digital payment gateways.

As a leading digital payment player, Infibeam has the highest portfolio of payment options for merchants with over 200 plus multi -currency payment options in India alone with 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, Infibeam Avenues Ltd, said, “It’s a vital development as it energises our vision and mission to build India’s biggest digital payment infrastructure company. Our flagship payments brand CCAvenue is already one of the top payment gateway brand in India, delivering superior digital products & services to majority of the 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 more they will be bankable for banks to offer loans, as this boosts their business and the nation’s economy.”

In March 2022, the Reserve Bank of India (RBI) had issued a framework for payment aggregators in India. Under this framework, payment aggregators are mandated to obtain a license for acquiring merchants and provide them with digital payments acceptance solutions. This was done primarily to ensure the safety of merchants and consumers.

Payment aggregator also provides an easy and affordable way of accepting payments to help small business adapt to digital ways in a streamlined manner.

At around 9:46 AM, Infibeam Avenues was trading at Rs16.43 per share higher by 13.55% on the BSE.

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