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Infibeam will launch its neo-bank platform in the second half this year, posts net profit of Rs 15 crore

Internet of things, connected web internet

The payments gateway provider Infibeam Avenues, plans to launch its neo-banking platform in the second half of this year. It posted a net profit of Rs 15 crore at the end of the third quarter of the current fiscal, up by 27% from Rs 12 crore in the same quarter of the previous year. The company will focus on expanding its bill payments, remittance and offline payments verticals during the coming year. The company processed Rs 27,91 crore worth of payments during Q3FY21, up  by a whopping 76% year-on-year. "We processed payments worth Rs 27,916 crore, an average of over Rs 9,200 crore monthly compared to Q2 daily average of Rs 8,000 crore," the company said in a statement on Thursday. It now has a rolling annual run-rate of $15 billion as of the end of December 2020, it said. Adding that it registered over 200 registrations per day during Q3FY21 compared to 150 in Q2FY21. On the bill payment side, the company claims it has a 94% market share of the 19,316 billers on the Bharat Bill Payments System (BBPS) as of December 2020. The company has over 650,000 agents through which it provides the BBPS bill payments service. It processed 6.4 million bill payments, up by 31% Qoq Strategic initiatives B2B digital payments: On-boarded several large corporates as well as HDFC Bank which has white-labelled the solution Express Settlement: Using own funds to settle merchant payments instantly instead of waiting T+2 or T+3. Plan to scale this service…

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