CCAvenue

Infibeam Avenues Ltd, a listed AI-powered fintech company, on Wednesday announced that its international subsidiary Infibeam Avenues Saudi Arabia has become the first Indian fintech company to receive PTSP Certification from the SAMA (Saudi Payments) to operate as a Payment Processor (PTSP - Payment Technical Service Provider) in the Kingdom of Saudi Arabia (KSA).

"In a strategic move to tap into the burgeoning digital economy of Saudi Arabia, Infibeam Avenues has now geared up to capitalise on the market's exponential growth potential. Saudi Arabia is one of the fastest growing economies of the world and with the government's 2030 vision and a target of receiving 130 million tourists a year, the digital economy is now on track for exponential growth," the company said in a statement.

Post-certification, the company's flagship payment brand CCAvenue will establish itself as one of the payment gateway (PTSP) players for digital transactions in the Saudi Arabian market. The company's CCAvenue payment gateway solution has done data localisation and hosting within the Kingdom of Saudi Arabia (KSA) as well as secured PTSP processing approval from the authorities.

Vishwas Patel, Joint Managing Director, Infibeam Avenues Ltd, said, "Saudi Arabia is one of the fastest-growing digital economies, and we not only expect to capitalize on the growth potential in this market but also play a constructive role in building a digital payment empowered society. We believe that our aim is naturally aligned with the Kingdom's 2030 Vision."

According to a recent report, the proportion of digital payments in Saudi Arabia has reached 62 per cent, coming close to the country's target of 70 per cent by the end of 2025. The Kingdom has seen a notable increase in the use of mobile payments, constituting approximately 45 per cent of transactions, primarily driven by mobile-based NFC payments. Saudi Arabia's digital economy is undergoing significant growth, evidenced by more than 8 billion transactions valued at SR1.6 trillion in 2022.

In the MENA region, CCAvenue is the second-largest payment aggregator in the UAE market and has been processing payments at an annual run-rate of AED 12 billion in FY22-23. In the current fiscal year, the run-rate has crossed AED 14 billion and is anticipated to conclude at AED 18 billion in transactions amount by end of 2024.

In tandem with this, Infibeam's company also announced its partnership with SAB, one of Saudi Arabia's leading banks, to further enhance the financial ecosystem in the Kingdom. "We are very proud to partner with SAB, one of the leading e-commerce acquiring banks to ensure that businesses in Saudi Arabia enjoy a range of domestic and international benefits that will enable them to deliver the seamless, secure e-commerce experience consumers are seeking," added Vishwas Patel.

Partnering with SAB Bank will allow CCAvenue to leverage the bank's market dominance and tap into its reach within Saudi Arabia for enabling consumers, merchants and fintech's across the Kingdom with its payment solutions.

"Infibeam Avenues is investing in global assets, infrastructure, and digital capabilities to support businesses in digital transformation and the Saudi Arabia's Vision 2030 of building a thriving digital economy and a 70 per cent cashless society as it's a huge opportunity for digital payments," said Vishal Mehta, Chairman and Managing Director, Infibeam Avenues Limited.

Last year, the company took steps to expand its global operations, aiming for worldwide leadership in the digital payment gateway and AI-powered fintech solutions markets. Despite international business contributing less than 10 per cent to Infibeam Avenues Ltd total revenue last year, the company anticipates raising this to 30 per cent in the coming years.