CCAvenue.ae expands into offline payment solutions
This move marks Avenues World's debut on the international stage of offline payment solutions, starting with the UAE market.
Avenues World FZ LLC, the UAE-based subsidiary of fintech company Infibeam Avenues Ltd, has introduced its mobile-based QR Code payment solution in the UAE market, allowing merchants to tap into the offline payments landscape.
This strategic move marks Avenues World's debut on the international stage of offline payment solutions, starting with the UAE market.
The company is set to launch in the UAE market as part of CCAvenue.ae's plan to offer merchants another offline payment option. The software can transform any NFC-enabled mobile device into a user-friendly POS machine, enabling simple card payments with just a tap.
“For the first time, we are foraying into the offline payment space in the UAE market with our innovative QR-Code payment offerings for merchants,” said Arun Jeevaraj, VP, Business & Operations, UAE & Saudi Arabia, CCAvenue.ae.
He further shared that the company has onboarded multiple merchants in the last few months including renowned establishments in Dubai such as Prime Association Management, a renowned homeowners' association, and the esteemed Jaffer Bhai's The Biryani King of Bombay, which operates in Dubai.
CCAvenue.ae processed $6.67 billion in transactions in the last six years, with 23.5 million transactions. In August 2023, the company achieved a milestone by processing over $0.27 billion in transactions within a single month, showcasing its ongoing success.
Infibeam Avenues is a global fintech company providing digital payment solutions and enterprise software platforms to businesses and governments. The company acquires payment gateways and vertical-specific platforms for banks, offering over 200 payment options for merchants.
In FY23, the company processed transactions worth Rs 4.5 lakh crore ($ 54 billion). With over 8 million clients across digital payments and enterprise software platforms, the company caters to merchants, enterprises, corporations, governments, and financial institutions in both domestic and international markets.
Infibeam Avenues Ltd serves more than 5,000 clients across various industries, including Burj Khalifa, Emaar, Damac, Nakheel, and Trump Golf Dubai. In addition to UAE, it has established a presence in markets including the USA, Australia, and the MENA region.
In 2019, it partnered with Riyad Bank to offer advanced digital payment solutions in Saudi Arabia. The company also formed partnerships with Oman's financial institutions, Bank Muscat and Bank Dhofar. In recent years, Infibeam Avenues has expanded into Australia and the United States.
In India, it caters to clients in various industries and sectors, including banks, offering white-label solutions, with clients including HDFC Bank, Kotak Bank, ICICI Bank, and JPMC Bank India.
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Edited by Saheli Sen Gupta