Infibeam Avenues Secures RBI License for Offline Payment Aggregation
Infibeam Avenues, a prominent AI-driven financial technology company, has announced its successful acquisition of a license from the Reserve Bank of India (RBI) to operate as an offline payments aggregator. This approval is granted under the Payment and Settlement Systems Act, 2007, marking a significant milestone for the company in the fintech landscape.
Enhancing Offline Payment Solutions
The newly granted license empowers Infibeam Avenues to provide offline payment aggregation services, predominantly through point-of-sale (POS) devices. This expansion complements its existing online payment aggregation capabilities, underscoring the company’s commitment to offering comprehensive financial solutions to its clients.
Fourth RBI License for Infibeam Avenues
This latest development signifies the fourth RBI license obtained by Infibeam Avenues for its payments division, operating under the well-known CCAvenue brand. With the recent approval, the company is poised to solidify its position as a key player in India’s evolving payments sector.
Expanding Offline Presence
Since the launch of its CCAvenue SoundBox Max last year, Infibeam has been actively enhancing its offline presence. The SoundBox Max accepts various payment methods including UPI, card, and QR payments, reflecting Infibeam’s strategic initiative to build a more extensive omnichannel payments network.
Diverse Licensing Approvals
Infibeam Avenues currently holds multiple licenses that empower its operations. In addition to the recent offline payment aggregation license, the company is already certified for online payment aggregation and Bharat Bill Pay services. Furthermore, Infibeam has recently received in-principle approval from the RBI to issue prepaid payment instruments (PPI).
Commitment to Compliance and Merchant Support
Vishwas Patel, Joint Managing Director of Infibeam Avenues Ltd., highlighted the importance of a compliance-first approach for all payment services. “This license enhances our ability to deploy POS devices in a structured manner for merchants nationwide, particularly as the adoption of POS solutions continues to rise alongside the Indian economy,” Patel stated.
Impressive Transaction Volumes
Infibeam Avenues has reported substantial growth, claiming to have processed ₹8.67 lakh crore in transactions across its payment and platform businesses for FY25. With a customer base exceeding 10 million merchants in both India and international markets, the company continues to thrive in an increasingly competitive landscape.
Recent Regulatory Achievements
The approval for the offline payment aggregator license adds to Infibeam’s series of regulatory successes this year. In October, its subsidiary IA Fintech secured an in-principle license as a payment service provider from the International Financial Services Centers Authority in GIFT City. This new PSP license enables the company to offer services such as escrow services, cross-border money transfers, and merchant acquiring tailored for international customers.