CCAvenue, the digital payments arm of internet and ecommerce company Infibeam Avenues, has signed a strategic collaboration with Riyad Bank to offer digital payments solutions in Saudi Arabia.
Ahmedabad-based CCAvenue will tap into Saudi Arabia’s growing ecommerce market and offer solutions across verticals including retail, petroleum, real estate, tourism, hospitality, finance and education.
The collaboration adds to the company’s presence in the region. It had recently signed an agreement with the United Arab Emirates-based Alrowad Information Technology Solutions earlier this year.
“After gaining a strong foothold in the UAE and becoming one of the most popular payment gateway service providers, CCAvenue now seeks to carve a niche in the Kingdom of Saudi Arabia ecommerce market by catering to the varied requirements of online businesses through its innovative payment technologies,” Vishwas Patel, director, Infibeam Avenues, said in a statement.
CCAvenue is one of the key contributors to Infibeam’s revenues apart from its platform services vertical - Government eMarketplace - through which it manages the procurement marketplace for government departments.
The payment platform provides 250 payment options in India and processes payments across 27 currencies online and for mobile payments for merchants.
Infibeam recently announced the demerger of its small and medium enterprise-focused ecommerce marketplace operated by NSI Infinium Global to Suvidhaa Infoserve ahead of its listing on the stock exchanges.