Also Forges Payment Processing Partnership MOU with Saudi Arabia’s Premier Bank – SAB (Saudi Awwal Bank)
Bengaluru, March 13, 2024 – Infibeam Avenues Ltd, a listed AI-powered fintech company, today 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.
Expressing his confidence in the company’s ability to harness the rapid growth in the Kingdom, Mr Vishwas Patel, Joint Managing Director, Infibeam Avenues Ltd, said "Saudi Arabia is one of the fastest-growing digital economies, and we not only expect to capitalize on the growth potential in this market but also play a constructive role in building a digital payment empowered society. We believe that our aim is naturally aligned with the Kingdom’s 2030 Vision.”
The remarks highlight Infibeam Avenues' commitment to contributing to Saudi Arabia's Vision 2030, an ambitious initiative that aims to diversify the Kingdom's economy and build a thriving digital ecosystem. As Saudi Arabia races towards becoming a leading digital economy, Infibeam Avenues aims to leverage its expertise and innovative solutions to facilitate the transition towards a more digitally empowered society.
According to a recent report, the proportion of digital payments in Saudi Arabia has reached 62%, coming close to the country's target of 70% by the end of 2025. The Kingdom has seen a notable increase in the use of mobile payments, constituting approximately 45% of transactions, primarily driven by mobile-based NFC payments. Saudi Arabia's digital economy is undergoing significant growth, evidenced by more than 8 billion transactions valued at SR1.6 trillion in 2022. This marks a substantial increase from around SR6 billion transactions recorded in 2021.
In the MENA region, Company’s payment brand -CCAvenue, is the second-largest payment aggregator in the UAE market and has been processing payments at an annual run-rate of AED 12 billion in FY22-23. In the current fiscal year, the run-rate has crossed AED 14 billion and is anticipated to conclude at AED 18 billion in transactions amount by end of 2024.
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