Fintech company Infibeam Avenues has entered into the offline payments market in the UAE with the launch of mobile QR Code payment solution through its payment gateway CCAvenue.ae.
The move is part of the company’s strategy to tap into the burgeoning offline payments landscape and marks its international debut in the space.
To further increase its presence in the offline payments space, Infibeam, in a statement, said it is also set to unveil CCAvenue TapPay (SoftPoS) in the UAE market as part of CCAvenue.ae.
The company claimed that the payment software can be downloaded from Google Play Store and it can transform any NFC-enabled mobile device into easy-to-use PoS machines, allowing card payments with just a tap.
CCAvenue.ae is operated by Avenues World FZ LLC, the UAE-based subsidiary of Infibeam.
Over the past six years, CCAvenue.ae claims to have processed transactions totalling AED 24.5 Bn, with approximately 23.5 Mn transactions to date.
Arun Jeevaraj, vice president of CCAvenue.ae’s business and operations in UAE and Saudi Arabia, said that the company has onboarded multiple merchants in the last few months, including renowned establishments.
Over the last ten years, the company has established a strong foothold in the UAE’s online payment sector through CCAvenue.ae. Additionally, Infibeam has expanded its presence in major global markets like the US, Australia, and the MENA region.
According to Vishwas Patel, joint managing director of Infibeam, the introduction of QR code payments for offline transactions will enhance the value offered to CCAvenue.ae’s merchants, bolstering its presence in the offline payment acceptance sector.
CCAvenue provides real-time, multi-currency online payment processing services for businesses across various industries. It offers a wide range of payment options, including major credit cards, over 98 debit cards (MasterCard, Visa, Maestro, RuPay), Amex EzeClick, 55 net banking options, 11 prepaid instruments, two mobile payment methods, and up to nine multi-bank EMI choices.
In October 2022, Infibeam Avenues received ‘in-principle’ approval authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator. This move enabled its flagship brand, CCAvenue, to scale its offerings and onboard a larger number of micro-entrepreneurs. The approval also allowed Infibeam to expand its reach across multiple business segments for both online and offline digital transactions.
The company’s consolidated net profit rose 12% year-on-year (YoY) to INR 25.46 Cr in the first quarter of FY24, while revenue from operations surged 77% to INR 742.3 Cr.
Earlier this year, the company announced its foray into the AI-based fraud detection market and said it planned to build solutions for authentication, fraud detection and risk identification for both domestic and global markets.
Shares of the company were trading 0.58% higher at INR 19.08 on the BSE at 02:50 PM IST on Monday.
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