CCAvenue

In October 2022, Infibeam Avenues received "in-principle" approval from the RBI to operate as a Payment Aggregator.

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, the company said in a statement.

Vishwas Patel, the Joint Managing Director of Infibeam Avenues said, "This licence will allow us to continue secure digital payment growth and increase financial inclusivity for the masses."

This year, the company has crossed half a million merchant onboarding in the first half of FY24.

"We have captured significant market share in the payment gateway and the Bill Payments space, and we are now poised for even greater expansion in the coming months and will now gear up for an accelerated market share growth," said Vishal Mehta, Chairman and Managing Director of Infibeam Avenues.

The company has also recently received RBI approval to act as an Operating Unit under Bharat Bill Pay license.

The company had earlier launched CCAvenue mobile app, which is among the world's most advanced omni-channel payment app.

Infibeam Avenues is a global financial technology (fintech) company offering digital payment solutions and enterprise software platforms to businesses and governments across industry verticals.