Infibeam Avenues has received the final approval from the Reserve Bank of India (RBI) for its Payment Aggregator license. This license enables Infibeam Avenues to facilitate and aggregate payment services for various merchants and businesses.

Infibeam Avenues has secured final approval from the Reserve Bank of India (RBI) to function as a Payment Aggregator under the Payment Settlements Act, 2007, for its payment gateway brand – CCAvenue. Having previously obtained “in-principle” approval from the RBI in the late stages of the previous year, the company has now received the official license. The RBI introduced the payment aggregator framework in March 2020. Infibeam Avenues offers digital payment solutions and enterprise software platforms to businesses and governments across various industries. The company boasts over 10 million merchants on its platform and exceeded half a million merchant onboarding in the first half of FY24. Infibeam Avenues also recently launched the CCAvenue mobile app, featuring the advanced omni-channel payment app CCAvenue TapPay for Merchants and Kiranas nationwide. In Q3 FY24, the company demonstrated robust growth, with a 15.4% increase in revenue from operations to Rs 912 crore and a marginal growth in profit to Rs 40.8 crore.