Infibeam Avenues Ltd, India's first listed fintech company, has unveiled the CCAvenue Mobile App, an advanced omni-channel payment platform with the revolutionary TapPay solution. This new feature aims to tap into India’s Rs 27 billion PoS market by transforming any NFC-enabled Android phone into a smart PoS terminal, facilitating easy, quick, and secure digital payments for small businesses.
Event Launch and Industry Reception
The launch event, held at the Mumbai Cricket Association, Bandra Kurla Complex, saw attendance from senior officials of NPCI, Visa, MasterCard, banks, and industry experts. Sandeep Ghosh, Group Country Manager, India & South Asia, Visa, praised the initiative, highlighting its potential to increase digital payment usage and foster repeat consumer behavior. Praveena Rai, COO, NPCI, emphasized the importance of deep digital payments merchant acceptance for India's fintech growth.
Benefits of CCAvenue TapPay
CCAvenue TapPay, India’s first pin-on-glass solution, promises to boost digital payments and reduce the economy's dependency on cash, aligning with the Prime Minister’s ‘Digital India’ vision. This solution provides a cost-effective payment acceptance method for micro-merchants, encouraging contactless payments.
Strategic Vision and Market Potential
Vishwas Patel, Executive Director, Infibeam Avenues Ltd, expressed excitement about leveraging CCAvenue TapPay to overcome challenges faced by micro-entrepreneurs and smaller businesses, particularly in remote areas. The app supports various payment modes, including payment links, QR codes, Smart PoS, websites, IVRS, and merchant apps.
Market Readiness and Future Prospects
A Deloitte report predicts India will have 1 billion smartphone users by 2026, with increased internet access in rural areas. Vishal Mehta, Managing Director, Infibeam Avenues Ltd, noted the potential for Smart PoS technology, especially with upcoming 5G spectrum auctions and rising smartphone penetration. The CCAvenue Mobile App, powered by 4G and poised for 5G, is set to capture a significant share of the PoS market, driving revenue growth for Infibeam Avenues Ltd.
Conclusion
The CCAvenue Mobile App with TapPay feature is expected to be a game-changer, streamlining the onboarding process for existing merchants and customers, and providing instant access to revolutionary payment technologies. This initiative positions Infibeam Avenues Ltd at the forefront of digital payment innovation in India.
