Infibeam Avenues Ltd on Monday announced its foray into the Australian market, eyeing a digital payments transaction value of $1,75,100 million by 2026.
The company has set up a wholly-owned subsidiary Infibeam Avenues Australia Pty Ltd.
The business will focus on online digital payments to operate as a payment processor, to provide services for Mobile Point of Sale (mPOS), Near Field Communication (NFC) and contactless card technology in the area of online payments and non-cash transactions. The company will provide other fintech services as well.
It is betting big on the burgeoning Australian digital payment space and expects to achieve an annual growth rate (CAGR) of 17.41 per cent from the expected transaction value of $92,130 million in 2022.
Infibeam Avenues plans to introduce its modern digital payment technologies in the Australian market, beginning with non-hardware contactless mobile point of sale (POS) CCAvenue TapPay. TapPay facilitates card payment transactions for merchants through a tap-on-phone technology.
"We expect to capture a 5 per cent market share in the digital payments segment in Australia in the next three years," said Vishwas Patel, Executive Director, Infibeam Avenues Ltd.
Infibeam Avenues Ltd has deployed senior management official Neeru Sharma, Director, Platform from India, to Sydney in January 2022.