CCAvenue.ae, the UAE-based subsidiary of India’s fintech company Infibeam Avenues Ltd, has made its global debut in the offline payment solutions arena with the introduction of a cutting-edge mobile-based QR Code payment solution in the United Arab Emirates (UAE).
“For the first time, we are foraying into the offline payment space in the UAE market with our innovative QR-Code payment offerings for merchants,” said Mr Arun Jeevaraj, Vice President, Business & Operations, UAE & Saudi Arabia, CCAvenue.ae. This marks a significant move for the company, and they have already achieved remarkable success in the region.
Over the last six years, CCAvenue.ae has processed an impressive AED 24.5 billion in transactions, totaling approximately 23.5 million transactions. In August 2023, they reached a milestone by processing over AED 1 billion in transactions in a single month, demonstrating their ongoing success.
The company serves a diverse clientele of over 5,000 entities in the UAE, including well-known names like Burj Khalifa, Emaar, Damac, Nakheel, and Trump Golf Dubai, among others. CCAvenue.ae has established a strong presence in the online payment landscape, and its parent company, Infibeam Avenues Ltd, has a significant presence in global markets, including the USA, Australia, and the MENA region.
According to Mr. Vishwas Patel, Joint Managing Director of Infibeam Avenues Ltd, the introduction of QR Code payment solutions for offline transactions is a strategic move to enhance the value the payment gateway offers to its merchants. “The intent is to furnish comprehensive solutions – offline along with online payments, to our clients.”, He stated.
To further strengthen its position in the offline payment space, the company plans to launch CCAvenue TapPay (SoftPoS) in the UAE market, allowing NFC-enabled mobile devices to process card payments.
The company’s expansion into the UAE’s offline payment space signifies a pioneering step in its global growth with offline payment solutions. This move aligns with the growing popularity of QR code-based mobile payments in the UAE, driven by the rise of e-commerce and digital transformation in the economy.
The global QR code payments market was valued at US$11.2 billion in 2022, with projections indicating a substantial CAGR of 16.9%, reaching over US$55.6 billion by 2033. QR code payments have gained traction in emerging economies worldwide, and CCAvenue.ae anticipates similar growth and adoption in the dynamic UAE market.
The company’s clientele includes prominent names like Burj Khalifa, Emaar, Damac, Nakheel, and Trump Golf Dubai. In addition to the UAE, the company has established its presence in markets such as the USA, Australia, and the MENA region.
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In 2019, it entered into a partnership with Riyad Bank to provide advanced digital payment solutions in Saudi Arabia and forged collaborations with financial institutions in Oman, including Bank Muscat and Bank Dhofar. In recent years, Infibeam Avenues has expanded its operations into Australia and the United States and caters to clients in India from various industries, including banks, offering white-label solutions. Some of its notable clients in India include HDFC Bank, Kotak Bank, ICICI Bank, and JPMC Bank India.
