CCAvenue.ae Makes Debut in Offline Payment Solutions Sector
By siliconindia | Tuesday, 31 October 2023, 09:39 IST
CCAvenue.ae, the UAE-based subsidiary of India's fintech firm Infibeam Avenues Ltd, has entered the global offline payment solutions sector by introducing an advanced mobile-based QR Code payment solution in the United Arab Emirates (UAE). Mr. Arun Jeevaraj, Vice President of Business & Operations for UAE & Saudi Arabia at CCAvenue.ae, stated, "We are venturing into the offline payment domain in the UAE market for the first time with our innovative QR-Code payment solutions for merchants". This move is a significant step for the company, which has already enjoyed considerable success in the region.
In the past six years, CCAvenue.ae, a subsidiary of India's fintech company Infibeam Avenues Ltd, has managed an impressive AED 24.5 billion in transactions, amounting to around 23.5 million transactions. Their achievement in August 2023, processing over AED 1 billion in transactions in a single month, highlights their continued success. They serve a diverse clientele of over 5,000 entities in the UAE, including well-known names like Burj Khalifa, Emaar, Damac, Nakheel, and Trump Golf Dubai. CCAvenue.ae has established a robust presence in online payments, and its parent company, Infibeam Avenues Ltd, has a significant global presence, including the USA, Australia, and the MENA region.
According to Mr. Vishwas Patel, Joint Managing Director of Infibeam Avenues Ltd, introducing QR Code payment solutions for offline transactions is a strategic move to enhance the value provided to their merchants. "The aim is to offer comprehensive solutions, covering both offline and online payments for our clients". he explained. To further solidify their position in offline payments, the company intends to launch CCAvenue TapPay (SoftPoS) in the UAE, enabling NFC-enabled mobile devices to process card payments.
CCAvenue.ae's expansion into the UAE's offline payment arena represents a pioneering step in its global growth strategy for offline payment solutions. This aligns with the growing popularity of QR code-based mobile payments in the UAE, driven by the increasing prevalence of e-commerce and digital transformation in the economy. The global QR code payments market was valued at US$11.2 billion in 2022, with projections indicating a substantial CAGR of 16.9%, reaching over US$55.6 billion by 2033. QR code payments have gained traction in emerging economies worldwide, and CCAvenue.ae anticipates similar growth and adoption in the dynamic UAE market.
The company's clientele includes prominent names such as Burj Khalifa, Emaar, Damac, Nakheel, and Trump Golf Dubai. Besides the UAE, the company has expanded its presence in markets like the USA, Australia, and the MENA region. In 2019, it formed a partnership with Riyad Bank to offer advanced digital payment solutions in Saudi Arabia and collaborated with financial institutions in Oman, including Bank Muscat and Bank Dhofar. In recent years, Infibeam Avenues has extended its operations into Australia and the United States, serving clients in India from various industries, including banks, with white-label solutions. Notable Indian clients include HDFC Bank, Kotak Bank, ICICI Bank, and JPMC Bank India.
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