CCAvenue breaks new ground, becomes first Indian payment aggregator to offer HDFC Bank's FlexiPay solution
16th September, 2020
In a significant development, Infibeam Avenues' flagship brand CCAvenue has announced the integration of HDFC Bank FlexiPay on its comprehensive payments platform. Thus, CCAvenue has become the first bank-neutral Indian payment aggregator to offer HDFC Bank's 'Buy Now, Pay Later' Debit Card EMI option to maximize the sales potential of Indian eCommerce websites.
HDFC Bank is a leading Indian bank offering a diverse range of financial products and banking services to customers across the country. The bank's FlexiPay service enables lakhs of its debit card holders to make convenient payments for high value purchases over suitable tenures.
Customers can choose repayment options starting from just 15 days, and they can even go on an online shopping spree during the interest-free fortnight. Moreover, the shoppers will find the bank's charges to be highly cost effective as there are no convenience fees chargeable for this service. CCAvenue's huge merchant base can reach out to this large segment of consumers and augment their revenue stream considerably.
Debit Card EMI is an innovative payment method aimed at improving online payment flexibility while enhancing the user's experience. CCAvenue already offers the credit card EMI of 14 prominent banks in the country including HDFC Bank, HSBC, ICICI Bank, State Bank of India and Standard Chartered bank.
Speaking on this integration, Mr. T. Nandakumar Menon, Head - Alliance, Payment & Services Division at Infibeam Avenues Ltd, commented: "CCAvenue offers our web merchants the maximum number of online payment options, enabling them to expand the market reach of their eCommerce websites and maximize their earning capacity. The addition of HDFC Bank's FlexiPay EMI option in our wide payment network will enable our merchants to sell high value merchandise as well to a large segment of consumers, especially those who lead aspirational lifestyles."
About HDFC Bank
HDFC Bank Ltd. is an Indian banking and financial services company operating through a network of 5,345 branches and 14,533 ATMs spread across 2,787 cities and towns. The bank provides products and services including wholesale banking, retail banking, treasury, auto loans, two wheeler loans, personal loans, loans against property, consumer durable loan, lifestyle loan and credit cards. HDFC's net revenues increased by 19.1% to 20,842.2 crore for the quarter ended December 31, 2019 over the corresponding quarter of the previous year. As of March 2020, HDFC is the largest bank in India by market capitalization. Its equity shares are listed on the Bombay Stock Exchange and the National Stock Exchange of India.
About CCAvenue
CCAvenue, the flagship brand of Infibeam Avenues Limited, is a PCI DSS 3.2.1 compliant payments platform for eCommerce businesses in India. It has been designed to help its 1.4 lakh+ merchants accept online payments through a spectrum of new-age payment options including 6 major Credit Cards, 97+ Debit Cards (All MasterCard /Visa /Maestro /RuPay Cards), Amex EzeClick, 58+ Net Banking, Mobile Wallets, UPI and up to 14 Multi Bank EMI options. Backed by a 20-year history of industry firsts, outstanding innovations and prestigious accolades, CCAvenue offers a multi-channel payment platform, along with a suite of disruptive features such as Invoices, Subscriptions, CCAvenue B2Biz, CCAvenue Checkout, CCAvenue S.N.I.P., CCAvenue Store Front, CCAvenue Card Storage Vault (tokenization) and more.
HDFC Bank is a leading Indian bank offering a diverse range of financial products and banking services to customers across the country. The bank's FlexiPay service enables lakhs of its debit card holders to make convenient payments for high value purchases over suitable tenures.
Customers can choose repayment options starting from just 15 days, and they can even go on an online shopping spree during the interest-free fortnight. Moreover, the shoppers will find the bank's charges to be highly cost effective as there are no convenience fees chargeable for this service. CCAvenue's huge merchant base can reach out to this large segment of consumers and augment their revenue stream considerably.
Debit Card EMI is an innovative payment method aimed at improving online payment flexibility while enhancing the user's experience. CCAvenue already offers the credit card EMI of 14 prominent banks in the country including HDFC Bank, HSBC, ICICI Bank, State Bank of India and Standard Chartered bank.
Speaking on this integration, Mr. T. Nandakumar Menon, Head - Alliance, Payment & Services Division at Infibeam Avenues Ltd, commented: "CCAvenue offers our web merchants the maximum number of online payment options, enabling them to expand the market reach of their eCommerce websites and maximize their earning capacity. The addition of HDFC Bank's FlexiPay EMI option in our wide payment network will enable our merchants to sell high value merchandise as well to a large segment of consumers, especially those who lead aspirational lifestyles."
About HDFC Bank
HDFC Bank Ltd. is an Indian banking and financial services company operating through a network of 5,345 branches and 14,533 ATMs spread across 2,787 cities and towns. The bank provides products and services including wholesale banking, retail banking, treasury, auto loans, two wheeler loans, personal loans, loans against property, consumer durable loan, lifestyle loan and credit cards. HDFC's net revenues increased by 19.1% to 20,842.2 crore for the quarter ended December 31, 2019 over the corresponding quarter of the previous year. As of March 2020, HDFC is the largest bank in India by market capitalization. Its equity shares are listed on the Bombay Stock Exchange and the National Stock Exchange of India.
About CCAvenue
CCAvenue, the flagship brand of Infibeam Avenues Limited, is a PCI DSS 3.2.1 compliant payments platform for eCommerce businesses in India. It has been designed to help its 1.4 lakh+ merchants accept online payments through a spectrum of new-age payment options including 6 major Credit Cards, 97+ Debit Cards (All MasterCard /Visa /Maestro /RuPay Cards), Amex EzeClick, 58+ Net Banking, Mobile Wallets, UPI and up to 14 Multi Bank EMI options. Backed by a 20-year history of industry firsts, outstanding innovations and prestigious accolades, CCAvenue offers a multi-channel payment platform, along with a suite of disruptive features such as Invoices, Subscriptions, CCAvenue B2Biz, CCAvenue Checkout, CCAvenue S.N.I.P., CCAvenue Store Front, CCAvenue Card Storage Vault (tokenization) and more.
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