NE BUSINESS BUREU
AHMEDABAD, FEB 19
India’s leading digital payment solutions and enterprise software platform provider, Infibeam Avenues Limited, on Wednesday announced that it has made inroads into United States of America, the world’s second largest digital payments market by revenue, a company release said.
The company will offer its vast array of digital payment solutions to web and mobile based small and medium enterprises (SMEs) largely operating in the online retail, education, hospitality and travel and tourism industry, apart from other industry verticals under the brand CCAvenue.
Infibeam said its successful two-decade of track record in its domestic market (India) and the successful launches in the Middle East provides the confidence to launch in one of the world’s most developed digital commerce market i.e. USA.
Commenting on this development, Vishal Mehta, MD, said, “US Market presents a trillion dollar digital payments processing opportunity. As part of our vision to change the way customers trade and transact globally through digitisation of commerce, we are committed to provide the best-in-class online digital payment solutions to merchants and customers in the US.”
“To strengthen our position in the region we will explore opportunities to partner and collaborate with large financial institutions including selective acquisitions to extend our digital payments solution reach to merchants and customers in the US,” Vishal Mehta added.
Vishwas Patel, Executive Director, said, “CCAvenue has been by far the most technologically advanced payment gateway in India catering to over a million merchants over the last two decades.”
According to The Census Bureau of the Department of Commerce, US, the US E-commerce retail sales grew 14.4% in the first nine months of 2019 to an estimated US$ 442 billion compared to US$ 386 billion in the same period last year. Retail sales in the first nine months of 2019 are estimated at US$ 4.1 trillion.
According to eMarketer, total US E-commerce retail sales in 2023 is expected to touch US$ 970 billion from US$ 515 billion in 2019, growing at five year CAGR of 13.5%. E-Commerce retail sales constituted 10.8% of total retail sales compared to 9.8% in the first nine months of the previous year. And by 2023, E-commerce retail sales are expected to account for 16.2% of the total US retail sales, as per eMarketer. E-commerce is expected to drive a disproportionately high percentage of growth with most of that contribution coming from mobile.
