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Infibeam looks to set up Payments Bank, Wallet; and raise Rs 2000 crores

Infibeam has sought shareholder approval to raise money by issuing "Securities for a value not exceeding Rs. 2,000 crore", and is holding an extraordinary general meeting to modify its Memorandum of Association, to enable it to apply for a Payments Bank and a Prepaid Wallet license with the RBI. In addition to this, it is looking to carry on the business of "online multi-brand retail trading activity through web portal, online advertising and ticketing for entertainment events, web services and data centre services including and not limited to cloud services, storage and compute, hosting, domains, storage, data analytics and other software services." The company is also looking to change its name to Infibeam Avenues Ltd: the company had acquired Avenues India, which runs one of India's oldest payment gateway businesses, CC Avenues. At present, there are five payments banks operating: Airtel, which has been rather controversial because it opened accounts for customers without informed consent, FINO, Paytm, Jio, Aditya Birla Payments Bank and India Post, and the sector has seen a few bailouts. If Infibeam gets into this domain, they will be competing with Alibaba's money (Paytm), government support (India Post), and cross-domain synergies (Jio, Airtel) and financial sector synergies (Aditya Birla Finance payments bank). Entry into the struggling wallets business will probably be as a support to the payments bank, giving the bank the ability to issue multiple types of payment instruments, such as "Semi Open Prepaid Payment Instruments,  Semi Closed System Payment Instruments, Open System Payment Instruments, e-wallets,…

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Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

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