Infibeam Avenues, an 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.
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.
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).
Vishwas Patel, Joint Managing Director of Infibeam Avenues, said, “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.”
