Infibeam Avenues surges nearly 10% on RBI approval to operate as an online payment aggregator
Upstox
2 min read • Updated: March 5, 2024, 4:43 PM
Summary
In a press release issued on Monday, Infibeam Avenues said that it has received the final authorisation from RBI to operate as a payment aggregator under the Payment Settlements Act 2007 for its payment gateway brand – CCAvenue.
Shares of fintech company Infibeam Avenues Ltd surged nearly 10% on Tuesday, March 5, after the company received approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator.
The Infibeam Avenues stock jumped as much as 9.5% on Tuesday to hit an intraday high of ₹38.5 apiece on NSE. The share price closed 5.7% higher on Tuesday.
In a press release issued on Monday, Infibeam Avenues informed the stock exchanges that it has received the final authorisation from RBI to operate as a payment aggregator under the Payment Settlements Act 2007 for its payment gateway brand – CCAvenue.
Notably, the company was already granted an “in-principle” approval from RBI to operate as a payment aggregator earlier in October 2022. The company had also recently received a nod to act as an operating unit under the Bharat Bill Pay licence.
To recall, RBI had introduced the payment aggregator framework in March 2020, which necessitates payment gateways to secure an aggregator licence for acquiring merchants.
Infibeam Avenues’ joint managing director Vishwas Patel said that the final payment aggregator licence will allow the company to continue the seamless and secure digital payment growth and increase financial inclusivity for the masses.
Currently, Infibeam already has more than 10 million merchants on its platform. The company informed that it has crossed the half-a-million mark in terms of new merchants onboarding in the first half of 2023-24.
Infibeam Avenues had earlier launched CCAvenue mobile app, which is an omni-channel payment app. The app features India’s first pin-on-glass SoftPoS solution – CCAvenue TapPay for merchants and kiranas across the country.
Since it is an app, the merchant can download it for free on any Android phone, and convert any Android phone into a payment acceptance terminal without the need for a Point of Sale (PoS) machine. Merchants can accept payments in multiple ways like QR code, link-based payments as well as Tap-to-Pay.