CCAvenue to augment its payment stack with DBS Bank's EMI facility
29th November, 2023
With the objective of increasing the revenue stream of its mammoth merchant base further, CCAvenue, Infibeam Avenues' advanced omni-channel payments platform, will soon offer DBS Bank's EMI facility in its Multi Bank Equated Monthly Instalment (EMI) offering. CCAvenue payment gateway is already the provider of maximum EMI options in India, offering credit card-based EMI facilities of over 15 leading banks as well as debit card based EMI options.
DBS Bank established its presence in India nearly 30 years ago, setting up its first office in Mumbai in 1994. Known for its global financial leadership, DBS is a leading financial services group in Asia spread across 19 markets. It was ranked among the top 3 on Forbes' list of the World's Best Banks in India consecutively from 2020 to 2022. DBS offers a full range of consumer, SME, and corporate banking services. In 2016, it launched digibank, India's first mobile-only bank that now has over a million savings accounts. The bank's vast network comprises more than 530 branches in 19 Indian states.
CCAvenue's partnership with DBS will soon enable the bank's customers to make convenient purchases for high value products in easy instalments over a pre-set timeframe. The addition of this new payment option will further consolidate the existing card-based EMI payment feature, enabling millions of eCommerce websites powered by CCAvenue to optimise earnings and grow their businesses substantially.
Commenting on this move, Mr. T. Nandakumar Menon, Sr. Vice President - Alliances and Operations, Infibeam Avenues Ltd stated: "We at CCAvenue are thrilled to collaborate with DBS Bank, which is well known for its innovative banking capabilities and brilliant performance over the years. This win-win partnership will throw open new business opportunities for our huge merchant base in India, while providing their customers an enhanced user experience along with the maximum number of payment options for online transactions."
In response to the changing consumer behavior in the country, Infibeam Avenues Ltd has strengthened its focus on Bank EMI offerings to cater to the aspirational lifestyle. This is particularly significant given that India has over half of its population below the age of 25 years and more than 65% below the age of 35 years as per recent estimates. Through the introduction of new EMI and BNPL payment options on its comprehensive platform, CCAvenue payment aggregator has emerged as a key Fintech player in India's ever growing credit ecosystem.
About DBS Bank India
DBS is a leading financial services group in Asia with a presence in 19 markets. Recognised for its global leadership, DBS has been named "World's Best Bank" by Global Finance, "World's Best Bank" by Euromoney and "Global Bank of the Year" by The Banker. Additionally, DBS Bank was ranked among the top 3 on Forbes' list of the World's Best Banks in India for three consecutive years, from 2020 to 2022. DBS Bank has been present in India for 29 years, opening its first office in Mumbai in 1994. DBS Bank India Limited is the first among the large foreign banks in India to start operating as a wholly-owned, locally incorporated subsidiary of a leading global bank. DBS provides a range of banking services for large, medium, and small enterprises and individual consumers in India. The bank now has a large network of over 530 branches in 19 Indian states. The net profit reported by DBS Bank India Ltd rose 37% year-on-year to Rs.228 crore for the year ended March 2023, driven by strong retail and corporate banking performance. For more information, please visit: www.dbs.com/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. The organization serves millions of merchants spread across verticals such as Retail, Travel, Real Estate, Telecommunication, Government departments, and Utility billers, Hospitality, Education and Healthcare. It enables merchants to 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 15 Multi Bank EMI options.
DBS Bank established its presence in India nearly 30 years ago, setting up its first office in Mumbai in 1994. Known for its global financial leadership, DBS is a leading financial services group in Asia spread across 19 markets. It was ranked among the top 3 on Forbes' list of the World's Best Banks in India consecutively from 2020 to 2022. DBS offers a full range of consumer, SME, and corporate banking services. In 2016, it launched digibank, India's first mobile-only bank that now has over a million savings accounts. The bank's vast network comprises more than 530 branches in 19 Indian states.
CCAvenue's partnership with DBS will soon enable the bank's customers to make convenient purchases for high value products in easy instalments over a pre-set timeframe. The addition of this new payment option will further consolidate the existing card-based EMI payment feature, enabling millions of eCommerce websites powered by CCAvenue to optimise earnings and grow their businesses substantially.
Commenting on this move, Mr. T. Nandakumar Menon, Sr. Vice President - Alliances and Operations, Infibeam Avenues Ltd stated: "We at CCAvenue are thrilled to collaborate with DBS Bank, which is well known for its innovative banking capabilities and brilliant performance over the years. This win-win partnership will throw open new business opportunities for our huge merchant base in India, while providing their customers an enhanced user experience along with the maximum number of payment options for online transactions."
In response to the changing consumer behavior in the country, Infibeam Avenues Ltd has strengthened its focus on Bank EMI offerings to cater to the aspirational lifestyle. This is particularly significant given that India has over half of its population below the age of 25 years and more than 65% below the age of 35 years as per recent estimates. Through the introduction of new EMI and BNPL payment options on its comprehensive platform, CCAvenue payment aggregator has emerged as a key Fintech player in India's ever growing credit ecosystem.
About DBS Bank India
DBS is a leading financial services group in Asia with a presence in 19 markets. Recognised for its global leadership, DBS has been named "World's Best Bank" by Global Finance, "World's Best Bank" by Euromoney and "Global Bank of the Year" by The Banker. Additionally, DBS Bank was ranked among the top 3 on Forbes' list of the World's Best Banks in India for three consecutive years, from 2020 to 2022. DBS Bank has been present in India for 29 years, opening its first office in Mumbai in 1994. DBS Bank India Limited is the first among the large foreign banks in India to start operating as a wholly-owned, locally incorporated subsidiary of a leading global bank. DBS provides a range of banking services for large, medium, and small enterprises and individual consumers in India. The bank now has a large network of over 530 branches in 19 Indian states. The net profit reported by DBS Bank India Ltd rose 37% year-on-year to Rs.228 crore for the year ended March 2023, driven by strong retail and corporate banking performance. For more information, please visit: www.dbs.com/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. The organization serves millions of merchants spread across verticals such as Retail, Travel, Real Estate, Telecommunication, Government departments, and Utility billers, Hospitality, Education and Healthcare. It enables merchants to 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 15 Multi Bank EMI options.
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