India’s first listed fintech company, Infibeam Avenues Ltd has formally unveiled today the CCAvenue Mobile App – The world’s most advanced omni-channel payment platform with the revolutionary TapPay solution. CCAvenue TapPay seeks to tap into the Rs 27 billion PoS market in India.
The senior officials of the National Payments Council of India (NPCI -the parent entity of RuPay), Visa and MasterCard, as well as financial analysts, banks and industry experts, witnessed the launch of CCAvenue TapPay, on Thursday. The event was held at the Mumbai Cricket Association in the Bandra Kurla Complex.
“An increase in digital payment usage is truly possible when there are adequate methods and touchpoints. The SoftPOS solution from CCAvenue is a step in that direction and I congratulate them on this launch. I’m sure as the solution reaches merchants across the country, it will induce repeat and sticky consumer behaviour of tapping to pay.” said Mr. Sandeep Ghosh, Group Country Manager, India & South Asia, Visa.
Mrs. Praveena Rai, COO, National Payments Council of India (NPCI) commented: “Deep digital payments merchant acceptance is a critical requirement for India. We are very happy to witness the emergence of exciting new technologies in the Fintech landscape that enable this. These innovations herald in a new era of payments and will address key issues being faced on the acquiring side.”
The CCAvenue Mobile App with TapPay feature promises to be a game-changer in the Indian market as it will convert any NFC-enabled Android phone into a smart PoS terminal. This will enable any small business or entrepreneur in the country to accept digital payments easily, quickly and securely.
CCAvenue TapPay, India’s first pin-on-glass solution will provide a valuable shot in the arm to our national efforts to grow digital payments and reduce the economy’s dependency on cash, thereby giving a further boost to our Hon. Prime Minister’s ‘Digital India’ vision. It offers an excellent opportunity for micro-merchants in growing their businesses through the medium of contactless payments.
Infibeam Avenues has meticulously developed this low-cost payment acceptance solution that provides last-mile support to Indian eCommerce. This initiative aims to accelerate the adoption of digital payments among millions of underserved MSMEs across the country. This innovative solution will revolutionize the way smaller businesses receive payments and create a demarcated shift in their tendency to deal in cash as they accept contactless digital payments securely.
Mr. Vishwas Patel, Executive Director, Infibeam Avenues Ltd stated: “Infibeam Avenues is excited to leverage CCAvenue TapPay, India’s first pin-on-glass solution to overcome challenges faced by micro-entrepreneurs and smaller businesses in the remotest parts of the country, where cost and connectivity are major factors. Our next-gen technology offers a seamless mode of transacting that enables a customer to pay by simply tapping their credit or debit card on the merchant’s NFC-enabled smartphone. We are proud to have launched the world’s most advanced omni-channel app at the event. The CCAvenue mobile app allows businesses to accept payments securely and conveniently via the widest range of modes including payment links, QR codes, Smart PoS, website, IVRS and even through the merchant’s own app.”
As per a recent report by Deloitte’s 2022 Global TMT, India to have 1 billion smartphone users by 2026 and Internet‐enabled devices in the rural market will also get a push with the government’s plan to fiberize all villages by 2025 under the BharatNet programme. The report also mentions that India has 1.2 billion mobile subscribers in 2021, of which about 750 million are smartphone users.
“With 5G spectrum auctions on the way, and ever-rising smartphone penetration along with cheaper internet rates, it is a perfect breeding and nurturing ground for Smart PoS technology, which will further increase the use of cashless transaction adoption across the country,” said Mr. Vishal Mehta, Managing Director, Infibeam Avenues Ltd.
The current high-speed internet 4G is already a perfect booster for CCAvenue Mobile App’s advanced omni-channel payment platform with its new built-in CCAvenue TapPay feature; after 5G spectrum allocation, CCAvenue TapPay would be set to capture the lion’s share of the PoS market.
CCAvenue TapPay is anticipated to augment the revenue stream and become a key growth driver for Infibeam Avenues Ltd. Existing merchants and customers will find the on-boarding process smooth and seamless as no further KYC is required, while they get instant access to these revolutionary technologies.