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Infibeam Avenues forays into Australian payments market

The total transaction value in the digital payments segment in Australia is projected to reach $92,130 million in 2022, which is expected to further reach $175,100 million by 2026. MintPremium
The total transaction value in the digital payments segment in Australia is projected to reach $92,130 million in 2022, which is expected to further reach $175,100 million by 2026. Mint

  • Infibeam Avenues said it plans to introduce its digital payment technologies in the Australian market, beginning with – CCAvenue TapPay, a non-hardware contactless mobile point of sale (PoS), facilitating card payment transactions for merchants through a tap-on-phone technology

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MUMBAI : Fintech company Infibeam Avenues Ltd on Monday said it is expanding its presence in Australia by opening wholly-owned subsidiary Infibeam Avenues Australia Pty Ltd to tap the burgeoning Australian digital payment space.

The total transaction value in the digital payments segment in Australia is projected to reach $92,130 million in 2022, which is expected to further reach $175,100 million by 2026, a statement said on Monday. While as per a recent report, Australia PoS (point of sale) market is anticipated to grow at a CAGR of more than 10% during 2020-24 on account of technological advancements, affordable internet connectivity and increasing penetration of smartphones, the statement added.

Infibeam Avenues said it plans to introduce its digital payment technologies in the Australian market, beginning with – CCAvenue TapPay, a non-hardware contactless mobile point of sale (PoS), facilitating card payment transactions for merchants through a tap-on-phone technology.

“We expect to capture a 5% market share in the digital payment segment in Australia in the next three years," said Vishwas Patel, executive director, Infibeam Avenues Ltd. 

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