Infibeam Avenues formally launched its omni-channel CCAvenue mobile app on July 7. The CCAvenue TapPay will let businesses and entrepreneurs convert any NFC-enabled Android phone into smart PoS terminals, targeting a tap into the Rs 27-billion PoS market in India.
The app offers pin-on-glass feature too and through the tap pay feature users can make payments of beyond Rs 5,000 limits. Merchants will be able manage transactions of all types through a single app.
CCAvenue is the flagship brand of Infibeam Avenues offering payment gateway services.
“With 5G spectrum auctions on the way, and ever-rising smartphone penetration along with cheaper internet rates, it is a perfect breeding and nurturing ground for Smart PoS technology, which will further increase the use of cashless transaction adoption across the country,” said Vishal Mehta, Managing Director, Infibeam Avenues.
Mehta added, “We think this is a breakthrough in payments. It includes 200 features of payment related functions in one app. It lets merchants accept payments, send links for payments, use dynamic and static QR and of course, TapPay. This is an incredible feat of technology and the first one by a homegrown technology provider. This can be made available to the rest of the world. Today’s launch is a major milestone for us.”
The company expects that after 5G allocation, the app stands a chance to capture a lion’s share of the PoS market given that it is already able provide great experience with the current high-speed 4G internet.
The launch event saw senior officials of the National Payments Council of India (NPCI -the parent entity of RuPay), Visa and MasterCard in attendance.
Praveena Rai, COO, National Payments Council of India (NPCI), said, “Deep digital payments merchant acceptance is a critical requirement for India. We are very happy to witness the emergence of exciting new technologies in the Fintech landscape that enable this. These innovations herald in a new era of payments and will address key issues being faced on the acquiring side.”“An increase in digital payment usage is truly possible when there are adequate methods and touchpoints. The SoftPOS solution from CCAvenue is a step in that direction and I congratulate them on this launch. I’m sure as the solution reaches merchants across the country, it will induce repeat and sticky consumer behaviour of tapping to pay,” added Sandeep Ghosh, Group Country Manager, India & South Asia, Visa.