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CCAvenue secures in-principle approval from RBI for Payment Aggregator License
27th October, 2022
Infibeam Avenues' leading payments brand CCAvenue, has recently received an approval from the Reserve Bank of India (RBI), to operate as a Payment Aggregator. A coveted certification, the license will enable CCAvenue to widen its network of offerings and reach out to multiple business segments for both online as well as offline digital transactions. The said approval from RBI will also empower the organization's position as a comprehensive Digital Payments Solution provider in addition to reassuring its role of a secured payment gateway that enables digital payments in India. Infibeam Avenues is an India based Payments Infrastructure Company and the first listed platform, operating as CCAvenue to provide digital payment products and services to millions of ecommerce businesses and merchants across the country.

Being a leading provider of end-to-end ecommerce payment solutions, CCAvenue offers up to 200 plus multi-currency payment options in India alone with run rate of 4 lakh crore annually, across the platform. RBI's said endorsement of CCAvenue as an authorized financial platform has further reinforced the trust of millions of online businesses in the company. This move will also fuel the growth of digital payments and bring a larger volume of micro-entrepreneurs under the scope of e-commerce. After being RBI approved, CCAvenue has joined the list of entities that are also sanctioned with the payment aggregator's license.

Earlier in 2022, the RBI had issued a payment aggregator framework to ensure the security of merchants and consumers. Under that arrangement, it is made mandatory for payment aggregators to obtain a license for acquiring merchants and providing them with digital payment acceptance solutions. Obtaining the approval from RBI also enables payment aggregators to serve small businesses with easy and affordable ways to accept digital payments.

Speaking on the occasion, the Managing Director at Infibeam Avenues Limited, Mr. Vishal Mehta commented, "With this vital development, we are further encouraged to focus on building India's largest digital payment infrastructure company. Our flagship brand, CCAvenue is already one of the top payment gateways, specializing in the delivery of advanced digital products and services to thousands of financial institutions, SMEs, MSMEs and merchants. Being entrusted with faith by regulating authorities, we are committed to make all Indian kiranas and merchants Digital, Credible & Bankable (DCB). The growing number of digitally transacting merchants will provide them with greater financial credibility and help them obtain the trustworthiness to acquire loans from banks, boosting their business together with the nation's economy."

Mr. Vishwas Patel, the Executive Director - Infibeam Avenues Limited, further elaborated on the acquisition of the PA license, "Having led the Fintech revolution and digital payments through innovation for the past two decades, we are delighted to find new opportunities before us with this Payment Aggregator license. As the most experienced payment gateway with a list of industry first innovations to our credit, we are honored to be entrusted with this responsibility. We are pleased to assure that more and more secured digital payment innovations are delivered to millions of Indian merchants, helping them grow and at the same time make India a digital nation."

Offering seamless digital transactions for many years, Infibeam Avenues already has the RBI approval to act as an Operating Unit under Bharat Bill Pay license. To add to this, the organization has now received the Payment Aggregator license. Infibeam Avenues recently launched the CCAvenue Mobile App, the World's first and most advanced Omni-channel Payment Platform which features India's first pin-on-glass SoftPoS solution - CCAvenue TapPay for Merchants and Kiranas across the country. This app enables merchants to convert an NFC enabled smartphone into a payment acceptance terminal without the need of a POS machine.

With CCAvenue innovations, merchants can accept payments via multiple modes such as QR code, link-based payments, as well as Tap-to-Pay. Small businesses based in the remotest corners of the country stand to benefit largely with the presence of these innovations that are designed in sync with RBI's overall vision. CCAvenue also provides Marketplace software technology to large enterprises and institutions including Government eMarketplace (GeM) as well as Jiomart.

About CCAvenue
CCAvenue CCAvenue, the flagship brand of Infibeam Avenues Limited, is a PCI DSS 3.2.1 compliant payments platform for eCommerce businesses in India. The organization serves millions of merchants spread across verticals such as Retail, Travel, Real Estate, Telecommunication, Government departments, and Utility billers, Hospitality, Education and Healthcare. It enables merchants to accept online payments through a spectrum of new-age payment options including 6 major Credit Cards, 97+ Debit Cards (All MasterCard / Visa / Maestro / RuPay Cards), Amex EzeClick, 58+ Net Banking, Mobile Wallets, UPI and up to 15 Multi Bank EMI options.