NEW DELHI: Infibeam Avenues Ltd., the nation’s first listed funds infrastructure agency, has acquired Perpetual Licence from the Reserve Bank of India (RBI) for its invoice funds enterprise, BillAvenue. The licence will permit BillAvenue to operate as a Bharat Bill Payment Operating Unit (BBPOU) below Bharat Bill Payment System (BBPS).
As a BBPOU, BillAvenue operates as each biller and buyer working unit onboarding billers and agent establishments to service prospects.
The licence will assist the corporate supply protected, safe and uninterrupted providers to our 18,000 plus billers, agent establishments and our community of 1 million brokers unfold throughout 2,000 cities and cities of India. It can even assist develop into India’s hinterlands.
“BillAvenue is a unified, interoperable on-line invoice fee platform, constructed on the NPCI’s Bharat BillPay infrastructure to supply ‘anytime, anywhere’ invoice fee services to prospects throughout India by way of a community of small & medium brokers to giant agent Institutions,” said Vishwas Patel, executive director, Infibeam Avenues.
BillAvenue services telecom, broadband companies, cable TV, DTH players, electricity distribution companies, LPG & Gas distribution companies, FASTAG, health insurance, life insurance, NBFCs, and municipalities, apart from others, as its clients.
“These are exciting times for Infibeam Avenues Ltd as it gallops forward with high growth. A month ago, we received the Payment Aggregator’s (PA) license, and now this perpetual renewal of the BBPS licence proves our company’s credentials, processes and compliances. We are the pioneer in the biller market and have revolutionized it by providing a single window concept for the billers. This extra boost will help us to further enhance our product and services for our customers,” mentioned Mr. Vishal Mehta, Managing Director, Infibeam Avenues Ltd.
On Thursday, Infibeam Avenues Ltd acquired RBI’s letter confirming the renewal of a Certificate of Authorization (CoA) for working as a Bharat Bill Payment Operating Unit (BBPOU) below the Bharat Bill Payment System (BBBPS) on a perpetual foundation in accordance with RBI’s round on ‘Perpetual validity for certificates of Authorization (CoA) issued to Payment System Operators (PSOs) below Payment and Settlement Systems Act, 2007.
In 2017, BillAvenue, was among the many early non-bank service supplier to get an RBI-licensed working unit license to onboard billers and brokers throughout India.
BillAvenue has 90% biller market share inside BBPS. It presently processes payments at a run fee of over 100 million payments yearly. On an annualized foundation, BillAvenue processes payments value ₹120 billion. The invoice funds enterprise generates over 40% of gross revenue margin.
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