ANI
19 Feb 2020, 18:48 GMT+10
Gandhinagar (Gujarat) [India], Feb 19 (ANI): India's digital payment solutions and enterprise software platform provider Infibeam Avenues Ltd said on Wednesday it has made inroads into the United States, the world's second largest digital payments market by revenue.
The company will offer digital payment solutions to web and mobile based small and medium enterprises largely operating in the online retail, education, hospitality and travel and tourism industry apart from other industry verticals under the brand CCAvenue.
Infibeam said its two-decade of track record in the domestic market and successful launches in the Middle East provides it with the confidence to launch in one of the world's most developed digital commerce market.
"The United States market presents a trillion dollar digital payments processing opportunity," said Managing Director Vishal Mehta.
"To strengthen our position in the region, we will explore opportunities to partner and collaborate with large financial institutions including selective acquisitions to extend our digital payments solution reach to merchants and customers in the United States," he said in a statement.Executive Director Vishwas Patel said CCAvenue has been by far the most technologically advanced payment gateway in India catering to over a million merchants over the last two decades.
"We are looking forward to launching our advanced real time payment gateway solutions in the United States which is a huge market with over 280 million electronic payment users doing over 450 transactions per capita per year," he said.
According to US Census Bureau of the Department of Commerce, e-commerce retail sales grew 14.4 per cent in the first nine months of 2019 to an estimated 442 billion dollars compared to 386 billion dollars in the same period last year.
Retail sales in the first nine months of 2019 are estimated at 4.1 trillion dollars. According to eMarketer, total US e-commerce retail sales in 2023 are expected to touch 970 billion dollars from 515 billion dollars in 2019, growing at five-year CAGR of 13.5 per cent.
(ANI)Get a daily dose of International Technology news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to International Technology.
More InformationHyderabad (Telangana) [India], July 7 (ANI): Ahead of his birthday, Bharat Rashtra Samithi (BRS) Working President KT Rama Rao (KTR)...
It should come as no surprise that United States President Donald Trump's tariff threats have renewed interest in building pipelines...
TAIYUAN, July 7 (Xinhua) -- From bustling street stalls to upscale shopping malls, the Thai culinary scene in China is undergoing a...
Guwahati (Assam) [India], July 6 (ANI): Prime Minister Narendra Modi is set to inaugurate the new terminal of Guwahati's Lokpriya Gopinath...
Port of Spain [Trinidad and Tobago], July 5 (ANI): Prime Minister Narendra Modi paid an official visit to Trinidad and Tobago from...
Port of Spain [Trinidad and Tobago], July 5 (ANI): During his visit to Trinidad and Tobago Prime Minister Narendra Modi made a number...
PALO ALTO/TEL AVIV: The battle for top AI talent has claimed another high-profile casualty—this time at Safe Superintelligence (SSI),...
Brasilia [Brazil], July 8 (ANI): Prime Minister Narendra Modi arrived in Brasilia on Monday evening (local time) for his State Visit...
The feud between the two billionaires began in early June after Elon Musk blasted Trump's landmark One Big Beautiful Bill. WASHINGTON,...
Washington, DC [US], July 8 (ANI): US President Donald Trump will sign an executive order delaying his July 9 tariff deadline to August...
Washington, DC [US], July 8 (ANI): US President Donald Trump announced on Monday that his administration would impose a 25 per cent...
(Photo credit: REUTERS/Mike Segar) Dan Orlovsky, who has served as an NFL analyst with ESPN since 2018, has agreed to terms on a...