Infibeam's payment platform CCAvenue enters Saudi Arabia with Riyad Bank
Published by ibsintelligence | 20th September, 2019
Indian payment facilitator CCAvenue has partnered with Riyad Bank to facilitate digital payments in the estimated $7 billion e-commerce market in Saudi Arabia. With this partnership, CCAvenue, the digital payment platform of Ahmedabad-based eCommerce company Infibeam Avenues, looks at strengthening its presence in the Middle East region. The company is already providing digital payment solutions in the U.A.E.
According to Infibeam, the eCommerce market in the Kingdom of Saudi Arabia is likely to reach $11 billion by 2022 and this provides a massive opportunity for the company to facilitate the burgeoning digital transactions by tapping into the strong banking network of Riyad Bank that has over 340 branches.
"Collaborating with Riyad Bank has strongly positioned Infibeam Avenues' footprint in the Middle East market," said Vishwas Patel, Director at Infibeam Avenues and founder of CCAvenue. He further added that the company now plans to carve a niche in the KSA eCommerce market by catering to the varied requirements of online businesses through its innovative payment technologies.
"As the Kingdom's economy grows exponentially in alignment with Saudi Arabia's Vision 2030, CCAvenue's payment platform will contribute significantly towards the achievement of these national objectives," he said.
CCAvenue's payment platform will cater to all the major industry verticals including e-retail, petroleum, real estate, tourism, hospitality, finance, and education. The tourism sector is currently experiencing remarkable growth with more than 50 million tourists visiting the kingdom annually. Besides, the real-estate business is also thriving with high investment in infrastructure as the government has plans to develop a $ 25 billion entertainment mega-city outside Riyadh.
Ehab Mahmoud Al-Bakri, Senior VP - Global Transaction Banking, Riyad Bank, said, "...With eCommerce and mCommerce growing exponentially in the region, Riyad Bank is at the forefront in offering next-gen payment solutions that enable businesses and individuals to accept online payments with utmost ease, convenience and security. This partnership (with Infibeam) aligns with our bank's vision to stimulate digitization of payments and promote a less-cash economy."