India's digital payment solutions and enterprise software platform provider Infibeam Avenues Ltd said on Wednesday it has made inroads into the United States, the world's second largest digital payments market by revenue.
The company will offer digital payment solutions to web and mobile based small and medium enterprises largely operating in the online retail, education, hospitality and travel and tourism industry apart from other industry verticals under the brand CCAvenue.
Infibeam said its two-decade of track record in the domestic market and successful launches in the Middle East provides it with the confidence to launch in one of the world's most developed digital commerce market.
"The United States market presents a trillion dollar digital payments processing opportunity," said Managing Director Vishal Mehta.
"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 United States," he said in a statement.Executive Director Vishwas Patel said CCAvenue has been by far the most technologically advanced payment gateway in India catering to over a million merchants over the last two decades.
"We are looking forward to launching our advanced real time payment gateway solutions in the United States which is a huge market with over 280 million electronic payment users doing over 450 transactions per capita per year," he said.
According to US Census Bureau of the Department of Commerce, e-commerce retail sales grew 14.4 per cent in the first nine months of 2019 to an estimated 442 billion dollars compared to 386 billion dollars in the same period last year.
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Retail sales in the first nine months of 2019 are estimated at 4.1 trillion dollars. According to eMarketer, total US e-commerce retail sales in 2023 are expected to touch 970 billion dollars from 515 billion dollars in 2019, growing at five-year CAGR of 13.5 per cent.
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