Infibeam Avenues partners with Riyad Bank for digital payments solution

Digital payments and e-commerce technology company Infibeam Avenues Ltd (IAL) on Thursday announced partnership with Riyad Bank to provide digital payment solutions in Saudi Arabia. With the strong focus on international expansion, the company has made strong inroads into Saudi Arabia market with its digital payment platform, IAL said in a release.

In the first quarter this fiscal, the company unveiled plan to expand its digital payment and technology platform in international market. Infibeam said collaborating with Riyad Bank has strongly positioned the company to set footprint in Middle East market.

Riyad Bank is one of the largest financial institutions in the Kingdom of Saudi Arabia and Middle East, with a strong corporate and retail franchise. It is a leading financier and arranger of syndicated loans in the oil, petrochemicals and most of the big infrastructure projects, it said. On the retail front, the bank's individual solutions are designed to meet the needs and requirements of all economic segments, IAL said.

Infibeam provides payment solutions in India under the brand CCAvenue. The company said that over 90 of the top 100 web merchants in India and many top retail and corporate brands in UAE (second in terms of payments processed) use CCAvenue.

In FY19, Infibeam's payments processed grew 123 per cent year-on-year on account of higher transactions from existing merchants and strong addition of new clients including few large merchants, it added.