Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Stock Report

| More

Infibeam Avenues Collaborates with Bank Muscat, Oman's biggest bank, to offer high-end PG services to merchants in Oman

Posted On: 2020-11-23 21:55:35 (Time Zone: Arizona, USA)


Leading global Financial Technology (Fintech) solutions provider Infibeam Avenues Limited ("Infibeam" or "The Company" or "IAL") (BSE: 539807; NSE: INFIBEAM), in a move aimed to offer next-gen payment processing services under the flagship brand CCAvenue to merchants in Oman and to give a boost to the eCommerce sector in the region, announced its collaboration with Bank Muscat, Oman's biggest Bank. With this move, Infibeam Avenues' has accelerated its move further to widen its footprint in the Middle East.

CCAvenue.com has already established itself as a leading digital payment facilitator in the UAE and Saudi Arabia. With this tie-up, the Company will consolidated its presence in Oman and establish as one of the leading fintech player in digital payments and enterprise technology provider in the region.

The Company has entered into definitive agreement with Bank Muscat, to offer its acquiring processor services to the bank. Under the agreement, Infibeam Avenues, through its digital payment solution, CCAvenue Payment Gateway Service (CPGS), will process online card transactions of various payment networks for Bank Muscat and help the Bank to authorize online payment for its merchants which intends to boost fast growing eCommerce sector in the region.

Bank Muscat has been closely associated with the progressive march of the nation, participating in a variety of development projects and initiatives aimed at boosting Oman's economy.

Earlier, Infibeam Avenues had recently announced its tie-up with Bank Dhofar in Oman to offer digital payments solution to eCommerce businesses there. Coming close on the heels of that announcement, this fresh announcement of the tie-up with Bank Muscat will put Infibeam Avenues in the pole position in the race to garner transaction volumes. This quick one - two combination of a tie-up with the top two banks of Oman will mean that a lion's share of Oman's processing volumes will now flow through Infibeam Avenues systems.

Mr. Amjad Al Lawati, Assistant General Manager - Cards & eBanking at Bank Muscat, said: "At Bank Muscat, we are mindful of our reputation as the biggest bank in Oman. So we believe in staying at the forefront by providing the best possible services to our customers by deploying cutting edge technologies in a timely manner. We have now partnered with Infibeam Avenues and launched the next level of payment processing services to the eCommerce industry in Oman. This will help merchants using our new system to provide a next-gen online shopping experience to their customers in Oman."

"Oman is an important market in our endeavour." Says Vivek Nayak - Group COO, Payments Division - Infibeam Avenues Ltd. "Our partnership with Bank Muscat; the biggest Bank in the country, is a right synergy. Today merchants in the region are asking for a top of the line payment system which is full of innovative and useful features. With CCAvenue, we are offering these extra features that legacy payment systems have long failed to provide. The numerous Industry Innovation Awards that CCAvenue has consistently won in the past few years stand testimony to our reputation as one of the most advanced PGs in the region. This reputation, when coupled with our two decade old experience in this complex business, has resulted in an enviable track record of successful partnerships with numerous banks. It makes CCAvenue the PG of choice to partner and grow the eCommerce business."

In Oman, the use of payment cards is gradually rising. Despite the overall card use in the country being lower than many of its peers, a number of initiatives by the Central Bank of Oman (CBO) has encouraged adoption of payment cards in the country. There has been a significant improvement in the payment infrastructure along with the new technology advancements such as contactless and EMV modes, Sharia-compliant cards, as well as the government's promotion of electronic payments. There is nearly 150% mobile penetration in Oman. Over 80% of population in Oman use internet and over 70% of mobile connections are broadband. The increasing popularity of e-payments is expected to drive card payments in Oman in the near future providing an opportunity for Infibeam Avenues to expand its digital payments footprint there as an early entrant.

Infibeam Avenues limited, is one of the top online payment solution providers in India in terms of revenue market share and profitability. It is making strong inroads in high opportunity sectors and select international markets. The company has broadened its digital payments solutions footprint in the international markets through acquisitions, collaboration and tie-ups with leading banks in the Middle East region especially, in the regions where there is significant opportunity to further boost the margins. The Company has made strategic alliances and investments in high-growth opportunities in the UAE and the Kingdom of Saudi Arabia.

Shares of Infibeam Avenues Ltd was last trading in BSE at Rs.84.8 as compared to the previous close of Rs. 82.05. The total number of shares traded during the day was 50707 in over 429 trades.

The stock hit an intraday high of Rs. 85 and intraday low of 82.5. The net turnover during the day was Rs. 4258634.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Welspun Specialty Solutions Ltd receives remibursement of power subsidy of Rs. 9.09 crore

Indian Bank board to consider fund raising on Jan 22, 2021

ICICI Lombard General Insurance Company Limited reports Q3FY21 earnings

JSW Ispat Special Products Ltd Q3FY21 consolidated net profit at Rs. 29.93 crore

Tata Steel BSL Ltd Q3FY21 consolidated net profit at Rs. 913.19 crore

Larsen & Toubro Infotech Ltd Q3FY21 consolidated PAT at Rs. 518.7 crore

Skipper Ltd reports consolidated net profit of Rs. 11.45 crore in Q3FY21

TV18 Broadcast Ltd reports consolidated PAT of Rs. 213.65 crore in Q3FY21

First tranche of Rs. 26.10 crore received by Prince Pipes from Prince Marketing

Infosys Builds applied AI Cloud, part of Infosys Cobalt

Tata Consumer Products recognized for its sourcing practices at CII Food Future Foundation (FFF) for Sustainable Sourcing 2020

NMDC Receives Platinum Award in Metal & Mining for Shiksha Sahayog Yojana

Adani and TOTAL deepen their strategic alliance in Sustainable Energy

Tata Communications Ltd Q3FY21 consolidated net profit at Rs. 309.15 crore

Medicamen Biotech Ltd to upgrade Bhiwadi plant as per CGMP norms

DCM Shriram Ltd board declares interim dividend of Rs. 5.50

Hatsun Agro Product Ltd updates on status of CAPEX projects

Vardhman Special Steels Ltd Q3FY21 net profit soars to Rs. 21.66 crore

CEAT Ltd Q3FY21 consolidated net profit at Rs. 132.14 crores

TATA Metaliks Ltd Q3FY21 net profit at Rs. 75.18 crore

DCM Shriram Ltd posts jump in Q3FY21 consolidated PAT to Rs. 252.55 crore

Alembic Pharmaceuticals Ltd Q3FY21 consolidated PAT of Rs. 292.57 crore

Hatsun Agro Product Ltd posts net profit of Rs. 67.31 crore in Q3FY21

Wardwizard Innovations & Mobility Limited Q3 net profit at Rs. 0.74 crore

Mold-Tek Packaging Ltd Q3 consolidated PAT higher at Rs. 14.93 crore

Gateway Distriparks Ltd Q3FY21 consolidated net profit surges to Rs. 32.74 crore

Nibe Limited enters into MOU with BEL Optronic Devices Ltd

HT Media Ltd posts consolidated PAT of Rs. 3.26 crore in Q3

Bank of Maharashtra Q3 consolidated PAT at Rs. 154.48 crore

Adani signs concession agreement with AAI for three airports

Thomas Cook India opens franchise - Gold Circle Partner - outlet in Gandhinagar

Eurocor Tech GmbH launches innovative long-length sizes further optimizing its peripheral Drug coated balloon system Freeway™ 035

BHEL wins Institute of Chartered Accountants of India's National Award 2019-20 for Excellence in Financial Reporting

Steel Strips Wheels Ltd bags export order for over 37,000 wheels

Escorts Ltd becomes first company to get Budni Certification in India for Electric Tractor

Man Industries India Limited receives news orders of Rs. 250 crores

CSB Bank Q3FY21 PAT at Rs. 53.05 crore

Dhruv Consultancy Services Limited receives LOA for consultancy services

L&T Finance Holdings Limited board approves 17:74 rights issue at Rs. 65 per share

'VISION 2025' Unveiled: Trident Limited announces Strategic Steps for Future Growth

Indiabulls Real Estate Ltd Q3FY21 consolidated net profit at Rs. 80.58 crore

ALOK Industries Ltd Q3 consolidated loss at Rs. 35.12 crore

Hindustan Media Ventures Ltd Q3FY21 consolidated net profit at Rs. 35.19 crore

Max Superspeciality Hospital Patparganj inaugurates its first neurosciences OPD in Rudrapur.

Kamdhenu Group Launched its Premium Product 'Kamdhenu Nxt' in Delhi and Haryana

Newgen Launches OmniDocs ActiveScript to Rapidly Automate Document-centric Processes

Aditya Vision Limited opens two new showrooms

Maruti Suzuki India Ltd to increase price of select models from Jan 18, 2021

JMT Auto Ltd to sell assets

Sagarsoft India Ltd Q3FY21 net profit at Rs. 1.37 crore



Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020