After UAE, Infibeam Avenues extends its digital payments business to US market

After UAE, Infibeam Avenues extends its digital payments business to US market
Photo Credit: Thinkstock
20 Feb, 2020

Digital payment solutions and enterprise software platform provider Infibeam Avenues has expanded its digital payments business to the US market.

The Ahmedabad headquartered company will offer its vast array of digital payment solutions to web and mobile-based SMEs (small and medium enterprises), operating in the online retail, education, hospitality, and travel and tourism industry among others, it said in a statement.

Infibeam recently expanded operations in the Middle East. It entered into an agreement with UAE-based Alrowad Information Technology Solutions to expand its web service and payment platform business in the Middle East and Africa.  

“US market presents a trillion-dollar digital payments processing opportunity. As part of our vision to change the way customers trade and transact globally through digitisation of commerce, we are committed to providing the best-in-class online digital payment solutions to merchants and customers in the US,” Vishal Mehta, managing director, Infibeam, said. 

E-commerce retail sales in the US grew 14.4% in the first nine months of 2019 to an estimated $442 billion compared to $386 billion in the same period last year, the company said, citing The Census Bureau of the Department of Commerce, US. 

“We are looking forward to launching our advanced real-time payment gateway solutions in the USA, which is a huge market with over 280 million electronic payment users doing over 450 transactions per capita per year,” said Vishwas Patel, executive director, Infibeam.

Last year in May, the board of Infibeam Avenues, which had agreed in 2018 to sell a wholly-owned unit that operates its online marketplace to billionaire Shapoorji Pallonji Mistry-backed Suvidhaa Infoserve, suggested terminating the services of SRBC & Co. LLP, one of its joint statutory auditors, for an alleged data breach.