Infibeam Avenues gets RBI in-principle approval to issue prepaid payment instruments

Indian digital payments company Infibeam Avenues Ltd said on Tuesday, Octiv it has received an in-principle approval from the Reserve Bank of India (RBI) to issue prepaid payment instruments (PPIs) under

the Payment and Settlement Systems Act, 2007.

PPIs are financial tools, like digital wallets, smart cards, and gift cards, that store monetary value to make purchases without a direct bank account link at the time of the transaction. Users load money onto the instrument in advance to buy goods and services, transfer funds, or pay bills.

The approval was granted through a letter dated Oct 27, allowing the company to begin preparations for launching prepaid payment solutions, Infibeam said in a stock exchange filing. The company will be eligible for a final licence after submitting a system audit report (SAR) within the prescribed validity period.

The authorisation will enable Infibeam Avenues to offer prepaid instruments such as digital wallets or stored-value cards, expanding its portfolio in India’s fast-growing fintech space.

The company, which operates the CCAvenue payments gateway and the BillAvenue platform, said the approval marks another step in strengthening its position as a full-stack payments and technology infrastructure provider.

Infibeam has been broadening its presence across digital payments, lending technology and e-commerce enablement, and has been working to integrate artificial intelligence-driven fraud prevention and transaction security solutions across its platforms.

The company did not disclose financial details or timelines for the launch of its prepaid instruments.

At market close, shares of Infibeam Avenues were trading 3.8% higher at ₹41.20 on the National Stock Exchange.