India-based digital payment solutions and enterprise software platform provider Infibeam Avenues has forayed into the US.
The company will offer digital payment solutions to web and mobile based SMEs operating across various industry verticals. It will operate under the brand CCAvenue.
The Indian firm will leverage its operating experience in India to serve the US market.
Infibeam Avenues MD Vishal Mehta 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.
“Further, 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.”
The company noted that the US is the second largest digital payments market by revenue. Additionally, it’s developed digital economy, strong network infrastructure and higher rate of cashless transactions encouraged the company to expand to the country.
According to a report in The Hindu BusinessLine, the company plans to open offices New York and San Francisco.
Infibeam Avenues executive director Vishwas Patel said: “After innovating and dominating the Indian and UAE markets, we are looking forward to launching our advanced real time payment gateway solutions in US, which is a huge market with over 280 million electronic payment users doing over 450 transactions per capita per year.”