Infibeam Avenues announced a significant milestone achieved by its international subsidiary Infibeam Avenues Saudi Arabia (Company).
Infibeam Avenues has become the first Indian fintech player to receive PTSP Certification from the SAMA (Saudi Payments) to operate as a Payment Processor (PTSP - Payment Technical Service Provider) in the Kingdom of Saudi Arabia (KSA).
In a strategic move to tap into the burgeoning digital economy of Saudi Arabia, Infibeam Avenues has now geared up to capitalise on the market's exponential growth potential. Saudi Arabia is one of the fastest growing economies of the world and with the government's 2030 vision and a target of receiving 130 million tourists a year, the digital economy is now on track for exponential growth.
Post-certification, the company's flagship payment brand -CCAvenue will establish itself as one of the major payment gateway (PTSP) player for digital transactions in Saudi Arabian market. The company's CCAvenue payment gateway solution has done data localisation and hosting within the Kingdom of Saudi Arabia (KSA) as well as secured PTSP processing approval from the authorities.
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