Infibeam Avenues Ltd, India's leading listed fintech company, will unveil CCAvenue Mobile App - World's most advanced Omni-channel Payment Platform with a new built-in CCAvenue TapPay - a revolutionary SoftPoS solution.
On 7th July 2022, the company will be formally launching the CCAvenue Mobile App with the TapPay feature, which will be a game-changer in the Indian market as the innovative technology converts any NFC-enabled Android phone into a POS terminal. This will revolutionize the Rs 27 billion PoS market in India as for merchants converting their existing android smartphone devices into a payment terminal by simply downloading a supported app, will be just a child's play.
With CCAvenue, the WebPay, LinkPay, QRPay, and now TapPay through contactless payments on mobile will be possible. CCAvenue Omnichannel payment app consolidates form-factor agnostic digital payments to proliferate digital payment acceptance among the largely underserved 30 million plus Indian MSMEs.
CCAvenue omni-channel app aims to address the national challenge of inadequate payments infrastructure and eliminate barriers to seamless digital adoption. According to a cross country dataset released by RBI recently, the density of population dependent on a POS terminal is 358 in India, as against about 20 in neighbouring China, 10 in Brazil, Turkey, Netherlands and Italy. The dataset comparing 22 countries, showcases India to have the lowest POS density per person.
"As per our internal research and analysis report, we have all the ingredients to garner substantial market size within the nexttwo years. We will not only become a favourite PoS alternative providerforthe current PoS machine owners(merchants) but will also become the first preference forsmall businesses acrossthe country as our revolutionary SoftPoS technology will accelerate the inclusive growth of the small entrepreneurs as well, that too at zero cost," said Vishwas Patel, Executive Director, Infibeam Avenues Ltd.
Infibeam Avenues Ltd has strategically planned to introduce this innovative SoftPoS technology in the Indian market after conducting several rounds of in-depth due diligence. The company is assured that this innovative SoftPoS technology will enable any small business or entrepreneur in the remotest corner of our country to accept digital payments easily and securely. This initiative will provide a valuable shot in the arm to our national effort to grow digital payments and reduce the economy's dependency on cash.
As per a recent report by Deloitte's 2022 Global TMT, India to have 1 billion smartphone users by 2026 and Internet-enabled devicesin the rural market will also get a push with the government's plan to fiberize all villages by 2025 under the BharatNet programe. The report also mentions that India has 1.2 billion mobile subscribers in 2021, of which about 750 million are smartphone users.
"With 5G spectrum auctions are on the way, and ever-rising smartphone penetration along with cheaper internet rates is perfect breeding & nurturing ground for SoftPoS technology, which will further increase the use of cashless transaction adoption across the country," said Vishal Mehta, Managing Director, Infibeam Avenues Ltd.
As per Infibeam Avenues Ltd's product strategy team analysis, Infibeam is perfectly poised to reap the benefits of high mobile penetration in the Indian market with its SoftPoS technology, which requires an android phone for its high adoption amongst the merchants. The current high-speed internet 4G is already a perfect booster for CCAvenue MobileApp's advanced omni-channel payment platform with the new built-in CCAvenue TapPay feature; after 5G spectrum allocation, Infibeam's SoftPoS technology will rule the roost in India's Rs 27 billion PoS market.
Shares of Infibeam Avenues Limited was last trading in BSE at Rs. 14.08 as compared to the previous close of Rs. 13.17. The total number of shares traded during the day was 581405 in over 2130 trades.
The stock hit an intraday high of Rs. 14.68 and intraday low of 12.91. The net turnover during the day was Rs. 7987788.00.