UAE Debut: CCAvenue.ae Forays into Global Offline Payment Solutions Arena

CCAvenue.ae to revolutionize the UAE Market with Cutting-Edge Mobile-Based QR Code Payment Technology

UAE, October 30, 2023 – The UAE-based subsidiary of Indian fintech company Infibeam Avenues Ltd, Avenues World FZ LLC, which owns and operates UAE’s largest payment gateway brand – CCAvenue.ae announced the introduction of its mobile-based QR Code payment solution in the United Arab Emirates (UAE) market for merchants to tap into burgeoning offline payments landscape. It is a pivotal and strategic move marking the company’s debut on the international stage of offline payment solutions, starting with the UAE market. 

“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 Mr Arun Jeevaraj, Vice President, Business & Operations, UAE & Saudi Arabia, CCAvenue.ae. He further shared that the company has onboarded multiple merchants in last few months including renowned establishments in Dubai like Prime Association Management, a renowned homeowners’ association, and the esteemed Jaffer Bhai’s The Biryani King of Bombay, which operates in Dubai.

According to Mr. Vishwas Patel, Joint Managing Director of Infibeam Avenues Ltd, the company’s foray into the offline payment landscape within the UAE market is a strategically astute move. He further emphasized that the introduction of QR Code payment facilities for offline transactions will significantly augment the value the payment gateway – CCAvenue.ae is offering to its merchants/clients, as it will bolster the merchant’s standing in the offline payment acceptance space as well. 

To further solidify its hold on offline payment space, the company is set to unveil CCAvenue TapPay (SoftPoS) in the UAE market as part of CCAvenue.ae, to offer offline payment options for merchants. This innovative payment software can be downloaded from Google Playstore, and it can transform any NFC-enabled mobile device into easy-to-use POS machines, allowing simple card payments with just a tap.

“The intent is to furnish comprehensive solutions – offline along with online payments, to our clients,” Mr Vishwas Patel said, adding that notably, the UAE marks the company’s maiden entry/debut into the international arena for its offline payment solutions, signifying a pioneering milestone for its global expansion with offline payment solutions. Infibeam Avenues Ltd already has established a significant presence in key global markets, spanning the USA, Australia, the MENA region and beyond.

For nearly a decade, the company has diligently cultivated its robust presence within the online payment landscape in the UAE market, primarily through its renowned payment gateway brand- CCAvenue.ae. This payment service has attracted a prestigious clientele/merchants hailing from a diverse array of industries, encompassing retail, hospitality, airlines, and the service sector. Today, CCAvenue.ae can boast to have clientele/merchants of over 5,000 entities; notably, among these clients/merchants are prominent property developers, including iconic names such as Burj Khalifa, Emaar, Damac, Nakheel, and Trump Golf Dubai.

In the last six year, CCAvenue.ae, has seamlessly processed an impressive aggregate of AED 24.5 Billion in transactions, amassing a substantial tally of approximately 23.5 million transactions to date. This fiscal year, in August, marked a historic milestone for the company as it achieved the remarkable feat of processing over AED 1 Billion in transactions within a single month, a significant testament to its ongoing success.

“In a bid to propel the growth of the digital payment sector in the UAE, we have unveiled QR code payment solutions for our merchants. This strategic move is in response to the rising popularity of QR code-based mobile payments within the UAE market, a trend poised to ascend in the forthcoming years. This surge is intrinsically linked to the rise of e-commerce, the digitization of business operations, and the overarching digital transformation sweeping through the UAE economy,” explained Mr. Vishwas Patel.

According to various market reports, the global QR code payments market closed in 2022 with a valuation of US$11.2 billion. Projections are nothing short of remarkable, with an anticipated CAGR of 16.9%, culminating in an impressive valuation of over US$ 55.6 billion by the year 2033. 

The ubiquity of QR code payments has been sweeping across the globe, gaining significant traction in emerging economies such as China, India, Bangladesh, Indonesia, Singapore, Malaysia, Thailand, and Brazil. In line with these global trends, the company anticipate a parallel growth trajectory and increasing adoption of QR code-based payments within the vibrant and dynamic UAE market.

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Extra Info (in brief):

About QR Code Payments: QR code payments, (Quick Response Code payments), represent a contactless payment methodology wherein users employ their bank’s or third-party app based mobile application to scan QR codes for seamless transactions with merchants. It serves as a compelling alternative to traditional payment terminals at point-of-sale locations.

About Infibeam Avenues Ltd’s MENA region presence: Infibeam Avenues Ltd, the parent company of CCAvenue.ae, has embarked on a series of strategic partnerships aimed at expanding its global footprint within the digital payment industry. In August 2019, Infibeam Avenues joined forces with Riyad Bank to provide cutting-edge digital payment solutions, thus establishing a significant presence in Saudi Arabia’s burgeoning digital payment landscape. Subsequently, the company forged partnerships with Oman’s two largest financial institutions, Bank Muscat and Bank Dhofar. More recently, Infibeam Avenues has ventured into the markets of Australia and the United States, introducing its advanced digital payment services to further its international reach. 

About CCAvenue’s India operations: In India, CCAvenue, is one of the largest payment gateway service providers, serving top clients in various industries and sectors, including leading banks, by offering its payment gateway service as white-label solutions, with esteemed customers including HDFC Bank, Kotak Bank, ICICI Bank, and the world’s largest bank -JPMC Bank India. 

About Infibeam Avenues Ltd. 

Infibeam Avenues Ltd. is one of the leading global financial technology (fintech) company offering comprehensive digital payment solutions and enterprise software platforms to businesses and governments across industry verticals. The company’s payment infrastructure solution includes acquiring payment gateways, vertical specific platforms for banks. The core Payment Gateway (PG) business provides over 200 plus payment options to the merchants allowing them to accept payments through website and mobile devices in 27 international currencies. Infibeam Avenues’ enterprise software platform hosts India’s largest online marketplace for government procurement. The company processed transaction worth INR 4.5 lac crore (US$ 54 billion) in FY23. Company currently has over 8 million plus clients across digital payments and enterprise software platforms. The company’s vast clientele includes merchants, enterprises, corporations, governments and financial institutions in both domestic (India) as well as international markets. Infibeam Avenues’ international operations are based in the United Arab Emirates, Kingdom of Saudi Arabia, Australia and the United States of America. We also have business presence in Oman working with three of the largest banks in the country.