CCAvenue expands its payment portfolio with the integration of IDFC Bank's ATM cum Debit Card
8th September, 2016
Noting the increasing popularity of ATM cards in the digital payments space, CCAvenue, India's largest payment gateway, has added IDFC Bank's ATM cum Debit payment facility to its network of 200+ payment options. With this inclusion, CCAvenue continues to expand its ever-widening payment portfolio for the benefit of its diverse merchant base.
According to a recent study, nearly 80% of consumers feel more comfortable using their ATM cum debit cards during online payments, as compared to debit cards that require multiple credentials for validation. Moreover, ATM cum debit cards provide customers with a sense of familiarity in the online space; similar to what they experience during a traditional ATM transaction.
With the addition of this payment option, all IDFC Bank account holders shall now be able to shop online conveniently at thousands of eCommerce websites powered by CCAvenue.com. Customers can altogether avoid the hassle of lengthy transactions that involve filling in the CVV number and passwords during the payment process. Instead, all they have to do is enter their regular ATM PIN on the bank's transaction page to complete the purchase.
Furthermore, this move will also benefit 1 lakh+ web merchants registered with CCAvenue. Not only will it enable them to offer a quicker and seamless checkout experience to customers, but also leverage their website to drive more sales, widen their customer base and boost their revenue stream.
Commenting on the alliance with IDFC Bank, Mr. Vishwas Patel, Chief Executive Officer at Avenues Group said: "Since its launch in 2001, CCAvenue has always endeavoured to provide merchants with the most versatile set of payment options so as to expand their customer reach. We already have IDFC Bank's Ziggit wallet integrated on our platform. Now with the inclusion of this new payment option, our merchants will have access to a whole new universe of potential customers and great business expansion opportunities. The integration will enable all IDFC Bank ATM cum Debit Card holders to transact online with ease, even if they have not registered for IDFC Bank's Internet banking facility".
Being India's largest third-party payment aggregator, CCAvenue will continue expanding its network by forging alliances with as many banks as possible. The PG intends to promote the usage of convenient online payment solutions amongst customers and thereby enhance the earning potential of its merchants.
About IDFC Bank
Established in October 2015, IDFC Bank (BSE: 539437, NSE: IDFCBANK) is a subsidiary of India's leading integrated infrastructure finance company, IDFC Ltd (BSE: 532659, NSE: IDFC). Headquartered in Mumbai, IDFC currently has a network of nearly 70 branches, of which 50 are in non-banked rural and semi urban locations in Madhya Pradesh, Karnataka and Andhra Pradesh. IDFC Bank is a universal bank, offering financial solutions through its nationwide branches, internet (www.idfcbank.com) and mobile. Envisioned as a new-age bank, IDFC Bank seeks to set a new standard in customer experience, using technology and a service-oriented approach, to make banking simple and accessible, anytime and from anywhere. In keeping with IDFC's legacy of building the nation, IDFC Bank focuses on serving the rural underserved communities and the self-employed, while continuing to support the country's infrastructure sector. IDFC Bank provides customized financial solutions to corporates, individuals, small and micro-enterprises, entrepreneurs, financial institutions and the government. With best-in-class corporate governance, rigorous risk management, experienced management and a diversified team, IDFC Bank is uniquely positioned to meet the aspirations of its customers and stakeholders. For the quarter ended June 30, 2016, the bank reported a net profit of Rs. 265 crore.
About Avenues
Headquartered in Mumbai, CCAvenue is a payments platform for ecommerce businesses in India. CCAvenue is designed to help its 1 lakh+ merchants accept online payments through a spectrum of new-age payment options including 6 major Credit Cards, 98+ Debit Cards (All MasterCard/Visa/Maestro/RuPay Cards), Amex EzeClick, 53+ Net Banking, 48 Bank IMPS, 16 Prepaid Instruments and up to 11 Multi Bank EMI options. CCAvenue now also offers UPI (Unified Payment Interface) and will soon be adding BBPS (Bharat Bill Payment System) payment facility on its platform. Backed by a 15-year history of industry firsts, outstanding innovations and prestigious accolades, CCAvenue offers a multi-channel payment platform, along with a bunch of disruptive features such as CCAvenue Checkout, CCAvenue S.N.I.P., CCAvenue Store Front, CCAvenue Card Storage Vault (tokenization) and more. CCAvenue has successfully achieved the ISO/IEC 27001:2013 certification in addition to being PCI DSS 3.1 compliant.
According to a recent study, nearly 80% of consumers feel more comfortable using their ATM cum debit cards during online payments, as compared to debit cards that require multiple credentials for validation. Moreover, ATM cum debit cards provide customers with a sense of familiarity in the online space; similar to what they experience during a traditional ATM transaction.
With the addition of this payment option, all IDFC Bank account holders shall now be able to shop online conveniently at thousands of eCommerce websites powered by CCAvenue.com. Customers can altogether avoid the hassle of lengthy transactions that involve filling in the CVV number and passwords during the payment process. Instead, all they have to do is enter their regular ATM PIN on the bank's transaction page to complete the purchase.
Furthermore, this move will also benefit 1 lakh+ web merchants registered with CCAvenue. Not only will it enable them to offer a quicker and seamless checkout experience to customers, but also leverage their website to drive more sales, widen their customer base and boost their revenue stream.
Commenting on the alliance with IDFC Bank, Mr. Vishwas Patel, Chief Executive Officer at Avenues Group said: "Since its launch in 2001, CCAvenue has always endeavoured to provide merchants with the most versatile set of payment options so as to expand their customer reach. We already have IDFC Bank's Ziggit wallet integrated on our platform. Now with the inclusion of this new payment option, our merchants will have access to a whole new universe of potential customers and great business expansion opportunities. The integration will enable all IDFC Bank ATM cum Debit Card holders to transact online with ease, even if they have not registered for IDFC Bank's Internet banking facility".
Being India's largest third-party payment aggregator, CCAvenue will continue expanding its network by forging alliances with as many banks as possible. The PG intends to promote the usage of convenient online payment solutions amongst customers and thereby enhance the earning potential of its merchants.
About IDFC Bank
About Avenues
Headquartered in Mumbai, CCAvenue is a payments platform for ecommerce businesses in India. CCAvenue is designed to help its 1 lakh+ merchants accept online payments through a spectrum of new-age payment options including 6 major Credit Cards, 98+ Debit Cards (All MasterCard/Visa/Maestro/RuPay Cards), Amex EzeClick, 53+ Net Banking, 48 Bank IMPS, 16 Prepaid Instruments and up to 11 Multi Bank EMI options. CCAvenue now also offers UPI (Unified Payment Interface) and will soon be adding BBPS (Bharat Bill Payment System) payment facility on its platform. Backed by a 15-year history of industry firsts, outstanding innovations and prestigious accolades, CCAvenue offers a multi-channel payment platform, along with a bunch of disruptive features such as CCAvenue Checkout, CCAvenue S.N.I.P., CCAvenue Store Front, CCAvenue Card Storage Vault (tokenization) and more. CCAvenue has successfully achieved the ISO/IEC 27001:2013 certification in addition to being PCI DSS 3.1 compliant.
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