Infibeam Avenues expands merchant financial landscape
FinTech BizNews Service
Mumbai, December 12, 2023: Infibeam Avenues Ltd, a publicly listed fintech company, announces that its flagship payment gateway brand, CCAvenue, is gearing up to introduce Bandhan Bank's EMI facilities to over 10 million plus merchants. This strategic initiative aims to broaden the array of consumer-financing options available within the merchant network, signalling a concerted effort to enhance financial flexibility and convenience for businesses and merchants.
CCAvenue is set to integrate Bandhan Bank's credit card EMI facility onto its robust payment-processing platform, opening up exciting business prospects for its merchants. This strategic move will grant CCAvenue's merchants direct access to Bandhan Bank's vast and rapidly growing customer base, enhancing their growth potential. The addition of this new payment option will bolster CCAvenue's existing card-based EMI payment feature, allowing numerous eCommerce websites powered by CCAvenue to optimize earnings and significantly expand their operations. Additionally, Bandhan Bank's customers will also enjoy the convenience of making purchases for high-value products through easy instalments over a suitable timeframe.
Widely adopted by merchants, CCAvenue's payment technology facilitates online transactions through a diverse range of payment methods such as major Credit Cards, Debit Cards (MasterCard/Visa/Maestro/RuPay), Amex EzeClick, Net Banking (58+ options), Mobile Wallets, UPI, and an extensive selection of up to 15 Multi Bank EMI options. This comprehensive payment solution suite empowers merchants to enhance their business operations effectively.
"I am pleased to announce the expansion of our successful collaboration with Bandhan Bank to incorporate their exceptional EMI facility. This strategic move reinforces our commitment to enhancing merchant satisfaction and providing top-notch financial solutions. We believe this integration will significantly contribute to the seamless and efficient payment experience that defines CCAvenue's reputation in the market," said Mr T. Nandakumar Menon, Sr. Vice President - Alliances and Operations, Infibeam Avenues Ltd.
Being India's leading payment gateway player, CCAvenue stands out for its innovative approach by providing multi-bank EMI options along with other payment technologies for merchants across various sectors, including Retail, Travel, Real Estate, Telecommunication, Government departments, Utility billers, Hospitality, Education, and Healthcare.
"Our merchants stand to gain significant advantages by leveraging the rapidly expanding user base of the Bandhan Bank's credit cards to fuel the growth of their businesses. CCAvenue presently extends EMI options from all major banks, and our Multi-Bank EMI feature empowers millions across India to realize their aspirations by offering convenient access to a variety of high-value products," adds Mr. Menon.
Founded in August 2015, Bandhan Bank made history as the first microfinance company in India to secure a universal banking license. Currently serving over three crore customers through a network of over 6,200 banking outlets nationwide, thus witnessing substantial growth. In the September quarter, the bank's total deposits reached Rs 1,12,074 crore, compared to Rs 99,366 crore in the same quarter last year. Additionally, advances amounted to Rs 1,07,633 crore, up from Rs 95,835 crore in the corresponding quarter of the previous year.
