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IRCTC looks to expand fintech footprint with new payment aggregator subsidiary

EntrackrEntrackr · 1y ago
IRCTC looks to expand fintech footprint with new payment aggregator subsidiary
Medial

The Indian Railway Catering and Tourism Corporation (IRCTC) has incorporated a new subsidiary which focuses on payment aggregator business, according to the company’s disclosure with the stock exchange. The disclosure comes months after the company initiated the process to acquire a payment aggregator license with the Reserve Bank of India (RBI). IRCTC had then also launched an in-house payment gateway, called iPay. The gateway brings an additional layer to the payment process allowing users to book tickets through autopay, debit card, credit card, and net banking, among others. “On the iPay platform, [the] number of payment transactions handled during this quarter is 1.54 crores. It has increased by 12.94% over the previous quarter and by 36% increase over the previous year. Payment aggregator license is in the process of getting this license from RBI, and as recommended by RBI, we are in the process of forming a subsidiary for this iPay license,” IRCTC managing director and chairman Seema Kumar had said in August 2023 during an earnings call. The payment aggregator business is likely to allow the railway ticketing platform to further expand its fintech capabilities with deeper synergy with partner merchants, and most likely diversify services and products on its platform. In case you did not know, the RBI had introduced a new licensing regime for payment gateways in 2020. The move was aimed at better compliance and regulations in the fintech industry. “PAs are entities that facilitate e-commerce sites and merchants to accept various payment instruments from the customers for completion of their payment obligations without the need for merchants to create a separate payment integration system of their own. PAs facilitate merchants to connect with acquirers. In the process, they receive payments from customers, pool and transfer them on to the merchants after a time period,” the RBI explained in its original notification. Since then, quite a few companies have received the PA license. This includes fintech firms like Razorpay, Cashfree, and Decentro.

Infibeam Avenues receives RBI’s final nod for Payment Aggregator licence

EntrackrEntrackr · 1y ago
Infibeam Avenues receives RBI’s final nod for Payment Aggregator licence
Medial

Infibeam Avenues has received final authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator under the Payment Settlements Act, 2007 for its payment gateway brand – CCAvenue. While Infibeam Avenues already received “in-principle” approval from the RBI late last year, the apex banking body has granted the final licence. RBI had introduced the payment aggregator framework in March 2020. Infibeam Avenues offers digital payment solutions and enterprise software platforms to businesses and governments across industry verticals. The company’s payment infrastructure solution includes acquiring and issuing solutions and offering infrastructure for banks. Its enterprise software platform provides an online marketplace for government procurement. Razorpay, Cashfree, and Open were the first set of players to get the regulatory nod in December last year. Zomato, DigiO, Google, and Tata Digital among others are the other major players to get the payments licence. Infibeam Avenues claims that it has more than 10 million merchants on its platform and crossed half a million merchant onboarding in the first half of FY24. Infibeam Avenues had earlier launched CCAvenue mobile app, which is an advanced omni-channel payment app where its app features a pin-on-glass SoftPoS solution – CCAvenue TapPay for Merchants and Kiranas across the country. Infibeam Avenues had shown strong growth and this could be evident from its Q3 FY24 numbers. Its revenue from operations grew 15.4% to Rs 912 crore in Q3 FY24 whereas the firm also managed to grow its profit marginally to Rs 40.8 crore during the above mentioned period.

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