New Delhi, October 29
Infibeam Avenues Ltd has received an 'In-Principle' authorization from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPIs), the company said in its media release. The approval allows the fintech firm to move closer to offering a new line of digital payment solutions under its brand, CCAvenue Go.
According to the RBI's direction, Infibeam Avenues must complete a system audit within six months and submit the report to the central bank. Once the audit is approved, the RBI will issue the final authorization, enabling the company to officially launch its prepaid products.
The company said it plans to introduce a full range of prepaid payment options, such as PPI wallets, prepaid gift cards, and travel and transit cards. These services will be integrated into CCAvenue's merchant and payment platforms, which already serve millions of merchants across India.
"We are honoured to receive this in-principle authorization from the RBI," said Vishwas Patel, Joint Managing Director, Infibeam Avenues Ltd. "PPIs functionality today is almost equal to a bank account and has all the required facilities for a user to operate the account for most types of payments, i.e., UPI payments and gift cards. Our mission has always been to expand access to secure, convenient, and innovative digital payment solutions for our merchants."
Infibeam Avenues has, in recent years, obtained several regulatory licenses from the RBI, including those for Payment Aggregator (PA) and Bharat Bill Pay Operating Unit (BBPOU). These approvals strengthen the company's position as a trusted player in India's regulated fintech space.
The PPI market in India has been growing rapidly, estimated to reach USD 81.65 billion by the end of 2025, as per Research and Markets data cited in the release. The segment has been expanding at more than 30 per cent annually, driven by higher use of digital wallets, prepaid cards, and corporate gift solutions.
As of March 2025, India recorded about 678 million PPI transactions, with a total value exceeding INR 53,884 million, the release cited to CEIC and PWC reports. Popular forms of PPIs include digital wallets and travel cards, showing the rising demand for cashless, mobile-linked payments.
Infibeam Avenues said it remains focused on strengthening India's digital payments landscape through compliance, technology, and innovation, supporting the broader goal of a more inclusive and digitally connected economy.
- ANI
Reader Comments
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.