Infibeam Avenues Secures RBI's Offline Payment Aggregator License, Expands CCAvenue's Payment Capabilities
17th November, 2024
Infibeam Avenues Ltd (NSE: INFIBEAM, BSE: 539807), a AI-driven Fintech company, has received authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator for physical (offline) payments under the Payment and Settlement Systems Act, 2007.
The approval allows Infibeam Avenues to offer offline payment aggregation services primarily through Point of Sale (POS) devices alongside its existing online payment aggregator licence, enabling the company to provide comprehensive digital payment solutions to merchants across India.
With this development, Infibeam Avenues has now secured its fourth RBI licence for its payments business under the CCAvenue brand. Over the past few years, the company has already obtained key licences including Payment Aggregator - Online (PAO), Prepaid Payment Instruments (PPI), and Bharat Bill Pay Operating Unit (BBPOU).
"Our strongest strength lies in our compliance-driven approach across all payment services. This licence advances our ability to deploy POS devices in a more structured manner for merchants nationwide, especially as POS adoption continues to rise alongside India's growing economy," said Mr.Vishwas Patel, Joint Managing Director of Infibeam Avenues Ltd.
The offline payment aggregator licence primarily covers POS terminals deployed by banks and fintech players at merchant outlets. Infibeam Avenues has been expanding its presence in this segment since last year after the launch of the CCAvenue SoundBox Max an all-in-one POS solution capable of accepting payments via UPI, debit cards, credit cards, and QR codes.
The POS ecosystem in India continues to scale rapidly. RBI data shows that POS terminal installations by 24.7% in the financial year 2024-25, reaching 11 million devices. As per various market research reports, there is indications of further momentum and it is projected that the Indian POS device market valued at INR 38.82 billion in 2024 is expected to grow at a CAGR of 13.3% to touch INR 135.32 billion by 2034.
With its latest licence approval, Infibeam Avenues is poised to strengthen its role in India's expanding digital and offline payments landscape.
About 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.
About Infibeam Avenues Limited
Infibeam Avenues Ltd. ("Company") is one of the leading global financial technology (fintech) companies offering comprehensive digital payment and artificial intelligence (AI) solutions across industry verticals. The company's payment infrastructure suite includes acquiring and issuing solutions, as well as core payment infrastructure for banks. Company's flagship brand CCAvenue powers one of India's largest Payment Gateway (PG) platforms, offering over 200 payment options that enable merchants to accept payments through websites and mobile devices in 27 international currencies. As part of its diversified digital ecosystem, Rediff.com, a subsidiary of Infibeam Avenues Ltd., strengthens the Company's position in the AI-driven commerce and content platform space. Rediff's offerings, combined with Infibeam's advanced fintech and AI capabilities, enable a unified ecosystem of payments, platforms, and digital services that drive value across consumer and enterprise segments. The company processed transaction worth INR 8.67 trillion (US$ 106 billion) in FY25 across payments and platforms and serves over 10 million clients across its digital payments and platform businesses, catering to merchants, enterprises, corporations, governments, and financial institutions in both domestic and international markets. Infibeam Avenues' international operations span the United Arab Emirates, Kingdom of Saudi Arabia, Australia, and the United States of America, with additional presence in Oman, where it partners with three of the country's largest banks.
The approval allows Infibeam Avenues to offer offline payment aggregation services primarily through Point of Sale (POS) devices alongside its existing online payment aggregator licence, enabling the company to provide comprehensive digital payment solutions to merchants across India.
With this development, Infibeam Avenues has now secured its fourth RBI licence for its payments business under the CCAvenue brand. Over the past few years, the company has already obtained key licences including Payment Aggregator - Online (PAO), Prepaid Payment Instruments (PPI), and Bharat Bill Pay Operating Unit (BBPOU).
"Our strongest strength lies in our compliance-driven approach across all payment services. This licence advances our ability to deploy POS devices in a more structured manner for merchants nationwide, especially as POS adoption continues to rise alongside India's growing economy," said Mr.Vishwas Patel, Joint Managing Director of Infibeam Avenues Ltd.
The offline payment aggregator licence primarily covers POS terminals deployed by banks and fintech players at merchant outlets. Infibeam Avenues has been expanding its presence in this segment since last year after the launch of the CCAvenue SoundBox Max an all-in-one POS solution capable of accepting payments via UPI, debit cards, credit cards, and QR codes.
The POS ecosystem in India continues to scale rapidly. RBI data shows that POS terminal installations by 24.7% in the financial year 2024-25, reaching 11 million devices. As per various market research reports, there is indications of further momentum and it is projected that the Indian POS device market valued at INR 38.82 billion in 2024 is expected to grow at a CAGR of 13.3% to touch INR 135.32 billion by 2034.
With its latest licence approval, Infibeam Avenues is poised to strengthen its role in India's expanding digital and offline payments landscape.
About 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.
About Infibeam Avenues Limited
Infibeam Avenues Ltd. ("Company") is one of the leading global financial technology (fintech) companies offering comprehensive digital payment and artificial intelligence (AI) solutions across industry verticals. The company's payment infrastructure suite includes acquiring and issuing solutions, as well as core payment infrastructure for banks. Company's flagship brand CCAvenue powers one of India's largest Payment Gateway (PG) platforms, offering over 200 payment options that enable merchants to accept payments through websites and mobile devices in 27 international currencies. As part of its diversified digital ecosystem, Rediff.com, a subsidiary of Infibeam Avenues Ltd., strengthens the Company's position in the AI-driven commerce and content platform space. Rediff's offerings, combined with Infibeam's advanced fintech and AI capabilities, enable a unified ecosystem of payments, platforms, and digital services that drive value across consumer and enterprise segments. The company processed transaction worth INR 8.67 trillion (US$ 106 billion) in FY25 across payments and platforms and serves over 10 million clients across its digital payments and platform businesses, catering to merchants, enterprises, corporations, governments, and financial institutions in both domestic and international markets. Infibeam Avenues' international operations span the United Arab Emirates, Kingdom of Saudi Arabia, Australia, and the United States of America, with additional presence in Oman, where it partners with three of the country's largest banks.
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