Infibeam Avenues has secured an in-principle nod from the Reserve Bank of India (RBI) for payment aggregator (PA) license.  

It has joined list of payment providers that secured in-principle approval from the central bank for the PA license.

This approval will enable Infibeam Aveneues, which operates as CCAvenue, to further widen its footprint in several business segments for online and offline transactions.

Established in 2007 by Vishal Mehta and Vishwas Patel, Infibeam offers e-commerce and payment solutions to merchants, enterprises, corporations, and governments in domestic as well as international markets.

Patel said: “Having been a frontrunner in digital payments and led this fintech revolution through innovative payment solutions for the past two decades, we are super excited as we see new possibilities lying ahead with this Payment Aggregator license.”

Payment aggregators are entities that aid e-commerce  websites and merchants to accept many payment modes from the customers for closing their payment obligations without requiring merchants to have a separate payment integration system, reported Business Standard.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Many payment providers have received in-principle approval from the central bank for a PA license, and several more are expected to get approval.

Among the firms that have received the in-principal approval for the licence include Pine Labs, Razorpay, Easebuzz, Innoviti, MSwipe, Stripe, 1Pay Mobileware, and NTT Data Payment Services, reported MoneyControl.

The RBI opened another window that allowed PAs existing as of March 2020 to apply for a license. Payment aggregators had to apply for a license by 30 September 2022.

In 2020, the central bank issued guidelines as per which firms that were approved by it could only acquire and provide payment services to merchants.

Although banks need not seek separate approvals, non-banking firms serving as payment aggregators had to apply for authorisation to the central bank by June 2021, which subsequently was extended.

RBI, had, however, allowed the non-banking entities to continue their operations until they received communication from it regarding the status of their application.

Applications of several firms were rejected by the regulator as they did not meet the specified criteria, however, many also secured approval.

As per media reports, RBI received about 180 applications.

In September, the central bank said it is now planning to get the offline PAs under its purview for ensuring data standards convergence as well as for regulatory synergy.

The online PAs were brought under the purview of RBI in 2020.