Infibeam Avenues receives in-principal authorization from RBI to issue prepaid payment instruments

Digital payments company Infibeam Avenues Ltd has received in-principle approval from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPIs) under the Payment and Settlement Systems Act, 2007.

Under the terms of the authorization, Infibeam Avenues has been directed to complete a System Audit in accordance with statutory guidelines within six months and submit the report to the RBI.

Upon successful completion and review, the RBI then will issue the final authorization, allowing the company to commence issuance of PPIs.

Following the approval, Infibeam Avenues plans to introduce a comprehensive suite of digital prepaid payment products under its flagship brand CCAvenue Go, including PPI Wallets, Prepaid Gift Cards, and Travel and Transit Cards solutions, along with a portfolio of value-added financial services integrated across CCAvenue’s merchant platforms and payment applications. Currently, CCAvenue has millions of merchants across its digital payment and enterprise platforms.

“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. This development marks another step forward in our journey to empower businesses and consumers through trusted and scalable financial technology and providing value to our stakeholders.”

Notably, the company’s wholly owned subsidiary IA Fintech IFSC Private Limited obtained an in-principle approval from the International Financial Services Centres Authority (IFSCA) to act as a Payment Service Provider (PSP) in GIFT-IFSC. The authorisation allows the unit to operate escrow, cross-border money transfer, and merchant acquisition services.

During the first quarter of FY26, Infibeam’s revenue from operations rose to Rs 1,280 crore, up from Rs 745 crore in the same period a year earlier, while net profit declined 12.3% to Rs 61.25 crore. The company has yet to report its second-quarter results.

PPIs are payment tools that store monetary value, allowing users to pay for goods and services, transfer funds, or pay bills without directly accessing a bank account during the transaction.