India, 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.
About Bandhan Bank:
Bandhan started in 2001 as a not-for-profit enterprise that stood for financial inclusion and women empowerment through sustainable livelihood creation. It turned into an NBFC a few years later but the core objective remained financial inclusion. When Bandhan Bank started operations on August 23, 2015, it was the first instance of a microfinance entity transforming into a universal bank in India. On the day of launch itself, Bandhan Bank started with 2,523 banking outlets. Bandhan Bank is driven by a constant desire to serve better. It offers world-class banking products and services to urban, semi-urban and rural customers alike. In the last few years of operations, Bandhan Bank has spread its presence to 34 of the 36 states and union territories in India with 6000 banking outlets serving more than 3 crore customers. For more information, please visit https://bandhanbank.com/
CCAvenue, the flagship brand of Infibeam Avenues Limited, is a PCI DSS 3.2.1 compliant payments platform for eCommerce businesses in India. The organization serves millions of merchants spread across verticals such as Retail, Travel, Real Estate, Telecommunication, Government departments, and Utility billers, Hospitality, Education and Healthcare. It enables merchants to accept online payments through a spectrum of new-age payment options including 6 major Credit Cards, 97+ Debit Cards (All MasterCard / Visa / Maestro / RuPay Cards), Amex EzeClick, 58+ Net Banking, Mobile Wallets, UPI and up to 15 Multi Bank EMI options.
About Infibeam Avenues Limited:
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 and issuing solutions and offering infrastructure 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.