Infibeam Avenues receives an in-principle approval from the RBI for a license to operate as a payment aggregator

The Reserve Bank of India (RBI) has given Infibeam Avenues, which runs CCAvenue, in-principle authorisation to function as a payment aggregator (PA). It joins a group of organisations that have been given RBI’s in-principle permission for a PA licence. The organisation claimed that by doing this, they will be able to access even more markets for both online and off-line digital transactions.

The RBI has given its preliminary approval for a PA licence to several payment service providers, including Razorpay, Pine Labs, Stripe, 1Pay, Innoviti Payments, MSwipe, and a few more. More participants are anticipated to receive approval from the central bank for a PA licence.

PAs are organisations that let merchants and e-commerce sites to accept different payment instruments from customers to fulfil their payment commitments without the requirement for the merchants to develop their own separate payment integration system.

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