Infibeam Avenues has received final authorisation from Reserve Bank of India (RBI) to operate as a Payment Aggregator under the Payment Settlements Act, 2007 for its payment gateway brand -- CCAvenue.
In October 2022, Infibeam Avenues received ‘in-principle’ approval from the RBI to operate as a Payment Aggregator (PA). RBI had introduced the payment aggregator framework in March 2020, which necessitates payment gateways to secure an aggregator license for acquiring merchants and delivering cutting-edge digital payment acceptance solutions.
Currently, in total 10 million plus merchants are on Infibeam’s platform. This year, the company has already crossed half a million merchant onboarding in the 1HFY24. The company attributes this growth to the growing relationship with the bank partners and merchants.
Infibeam Avenues is engaged in providing online retail services.
