Infibeam Avenues stock surges: Shares of Infibeam Avenues climbed as much as 9.54 per cent to hit an intraday high of Rs 38.45 per share after the company received Reserve Bank of India’s (RBI) final authorisation for payment aggregator licence.

In an exchange filing, the company said, “we are pleased to inform that the Reserve Bank of India (RBI) has granted final authorisation to the company to operate as an Online Payment Aggregator under the Payment and Settlements Systems Act, 2007.”

The payment aggregator framework, introduced by the RBI in March 2020, mandates payment gateways to obtain an aggregator licence for acquiring merchants and providing advanced digital payment acceptance solutions.

Infibeam Avenues had previously received "in-principle" approval from the RBI in October 2022 to function as a Payment Aggregator (PA).

Vishwas Patel, the Joint Managing Director of Infibeam Avenues Ltd, highlighted the company's flagship payment gateway brand, CCAvenue, as the industry's gold standard platform. He stressed upon the company's commitment to rigorous compliance standards and secure transaction processing.

With over 10 million merchants currently on Infibeam's platform and half a million new merchant onboarding in the first half of financial year 2024 (H1FY24), the company attributes its growth to enhanced relationships with bank partners and merchants.

Vishal Mehta, Chairman and Managing Director of Infibeam Avenues Ltd, underscored the importance of the PA licence alongside the Bharat Bill Payment Operating Unit (BBPOU) licence, affirming the company's dedication to innovation and excellence. Mehta expressed anticipation for expanded market share growth in the payment gateway and Bill Payments space.

Moreover, Infibeam Avenues recently obtained RBI approval to function as an Operating Unit under the Bharat Bill Pay licence.

As of 12:42 pm, shares of Infibeam Avenues were trading 8.52 per cent higher at Rs 38.09  per share.