Infibeam Avenues expands digital payments biz to US

BSE-listed Infibeam Avenues Ltd on Wednesday said it has forayed into the US, the world's second largest digital payments market by revenue, and will offer its solutions to web and mobile-based small and medium enterprises (SME).

Infibeam will offer its vast array of digital payment solutions to web and mobile based SMEs largely operating in the online retail, education, hospitality and travel and tourism industry, apart from other industry verticals under the brand CCAvenue, the company said in a statement.

"US market presents a trillion dollar digital payments processing opportunity. As part of our vision to change the way customers trade and transact globally through digitisation of commerce, we are committed to provide the best-in-class online digital payment solutions to merchants and customers in the US," Infibeam MD Vishal Mehta said.

He added that to strengthen its position in the region, the company will explore opportunities to partner and collaborate with large financial institutions including selective acquisitions to extend its digital payments solution reach to merchants and customers in the US.

"After innovating and dominating the Indian and UAE markets, we are looking forward to launching our advanced real time payment gateway solutions in USA, which is a huge market with over 280 million electronic payment users doing over 450 transactions per capita per year," Infibeam Executive Director Vishwas Patel said.