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CCAvenue collaborates with Riyad Bank to make inroads into Saudi Arabia's digital payment space

In collaboration with Riyad Bank the company will expand its payment platform in Saudi Arabia at a time when there is an upsurge in the country’s eCommerce market.

, ET Bureau|
Sep 20, 2019, 10.37 AM IST
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Riyad Bank is one of the largest financial institutions in the Kingdom of Saudi Arabia (KSA) and the Middle East.
AHMEDABAD: In a move aimed at capitalizing the growing e-commerce sector in the Kingdom of Saudi Arabia, CCAvenue, the digital payment gateway platform of Infibeam Avenues collaborates with Riyad Bank to provide digital payments solution to eCommerce businesses in the country.

CCAvenue.com, which was acquired by Infibeam in 2017, is one of the four top digital payment gateway players in India and already has its presence in UAE for the last two years. Other top digital payment gateway players in India is BillDesk, PayU, and Razorpay.

In collaboration with Riyad Bank the company will expand its payment platform in Saudi Arabia at a time when there is an upsurge in the country’s eCommerce market.

Infibeam Avenues, Director, Vishwas Patel said “After gaining a foothold in the UAE and now we seek to carve a niche in the Kingdom of Saudi Arabia’s eCommerce market by catering to the varied requirements of online businesses through innovative payment technologies.” Patel is also the founder of CCAvenue.

The overall revenue of the eCommerce market in the Kingdom of Saudi Arabia is estimated to cross $7 billion in 2019 and set to reach $11 billion by 2022. CCAvenue’s payment platform will cater to all the major industry verticals including e-retail, petroleum, real estate, tourism, hospitality, finance, and education.

Apart from growing eCommerce, Infibeam is also betting on Saudi Arabia’s Vision 2030, a series of reforms initiated by the government with the explicit aim of making the kingdom a leading nation in all aspects by investing heavily in major sectors including entertainment, culture, and sports. The tourism sector is currently experiencing remarkable growth with more than 50 million tourists visiting the kingdom annually. The real estate business is also thriving with high investment in infrastructure. The government has planned the development of a $25 billion entertainment mega-city outside Riyadh.

“With eCommerce and mCommerce growing exponentially in the region, Riyad Bank is at the forefront in providing next-gen payment solutions that enable businesses and individuals to accept online payments with utmost ease, convenience, and security. This partnership aligns with our bank’s vision to stimulate digitization of payments and promote a less-cash economy” said Ehab Muhmoud Al-Bakri, Senior VP – Global Transaction Banking, Riyad Bank.

Riyad Bank is one of the largest financial institutions in the Kingdom of Saudi Arabia (KSA) and the Middle East. It has also achieved an increase of 44.7% in net income reporting an income of (Saudi Arabia Riyal) SAR 1,645 million for the period ended March 31, 2019 as compared to last year.

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