Infibeam Avenues Ltd, India's first listed fintech company, has unveiled the CCAvenue Mobile App, an advanced omni-channel payment platform featuring the revolutionary TapPay solution. CCAvenue TapPay aims to penetrate the Rs 27 billion PoS market in India, converting any NFC-enabled Android phone into a smart PoS terminal.
Launch Event Highlights
The launch event, held at the Mumbai Cricket Association in the Bandra Kurla Complex, was attended by senior officials from the National Payments Council of India (NPCI), Visa, MasterCard, financial analysts, banks, and industry experts. Sandeep Ghosh, Group Country Manager, India & South Asia, Visa, emphasized the significance of digital payment methods and congratulated Infibeam Avenues on the launch. Praveena Rai, COO of NPCI, highlighted the importance of merchant acceptance for digital payments in India and welcomed the new technology.
Transforming Digital Payments
The CCAvenue Mobile App with TapPay feature is set to revolutionize the Indian market by enabling small businesses and entrepreneurs to accept digital payments easily, quickly, and securely. TapPay, India’s first pin-on-glass solution, supports the national effort to grow digital payments and reduce cash dependency, aligning with the 'Digital India' vision. This technology offers micro-merchants an excellent opportunity to grow their businesses through contactless payments.
Innovative and Low-Cost Solution
Infibeam Avenues has developed a low-cost payment acceptance solution to support Indian eCommerce and accelerate digital payment adoption among underserved MSMEs. This innovative solution is poised to transform how smaller businesses receive payments, encouraging a shift from cash to secure, contactless digital transactions.
Leadership Insights
Vishwas Patel, Executive Director of Infibeam Avenues Ltd, expressed excitement about leveraging CCAvenue TapPay to address challenges faced by micro-entrepreneurs and small businesses in remote areas. He highlighted the seamless transaction experience offered by the technology, enabling customers to pay by simply tapping their credit or debit cards on the merchant’s NFC-enabled smartphone. The CCAvenue mobile app allows businesses to accept payments securely via various modes, including payment links, QR codes, Smart PoS, websites, IVRS, and the merchant’s app.
Market Potential and Future Growth
According to Deloitte’s 2022 Global TMT report, India is projected to have 1 billion smartphone users by 2026, with increased internet-enabled device usage in rural areas driven by the BharatNet programme. The report also notes that India had 1.2 billion mobile subscribers in 2021, with approximately 750 million smartphone users. Vishal Mehta, Managing Director of Infibeam Avenues Ltd, highlighted the potential of Smart PoS technology in a landscape of rising smartphone penetration and affordable internet rates. He emphasized that the CCAvenue Mobile App’s advanced omni-channel platform, bolstered by 4G and upcoming 5G technology, is poised to capture a significant share of the PoS market.
Anticipated Revenue Growth
CCAvenue TapPay is expected to significantly augment Infibeam Avenues Ltd’s revenue stream and drive growth. The seamless onboarding process, which requires no additional KYC for existing merchants and customers, ensures quick access to these revolutionary technologies.
Technical Requirements
To accept payments through CCAvenue TapPay, phones must have NFC capability and Android 9 (API level 28) or higher. For other payment modes, Android level 23 is required.
