 "Infibeam Avenues")
Payments players Infibeam Avenues and PayU received the Reserve Bank of India’s (RBI) authorisation to operate as a payment aggregator – physical (PA-P).
The approval will allow the companies to offer offline payment aggregation services, such as those through point-of-sale (PoS) devices.
Both the companies already have a full payment aggregator – online (PA-O) licence from the banking regulator.
Banks and fintechs deploy PoS and soundbox devices to enable acceptance of digital payments across physical stores in the country. A PA-P licence covers such devices.
Infibeam said it had 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.
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The fintech firm said this was its fourth RBI licence for its payments business under the CCAvenue brand. The Gandhinagar-based company has other approvals such as PA-O, 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 Vishwas Patel, joint managing director, Infibeam Avenues.
PayU said it was authorised to carry business across PA-O, PA-P and PA-CB (cross-border, including inward and outward).
“This milestone reinforces our commitment to building a resilient and innovation-driven payments ecosystem, enabling us to offer secure, transparent and customer-first payment solutions, including seamless omni-channel experiences for merchants of all sizes,” a PayU spokesperson said.
A PA is one that facilitates transactions where both the acceptance device and payment instrument are physically present in close proximity while making the transaction, according to the RBI.
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