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E-commerce and online payments services provider Infibeam Avenues Limited announced its collaboration with Bank Muscat, Oman’s biggest bank, to offer high-end payment gateway services to merchants in Oman.
The company has entered into definitive agreement with Bank Muscat, to offer its acquiring processor services to the bank.
Under the agreement, Infibeam Avenues, through its digital payment solution, CCAvenue Payment Gateway Service (CPGS), will process online card transactions of various payment networks for Bank Muscat and help the bank to authorise online payment for its merchants which intends to boost fast growing e-commerce sector in the region, a company statement said.
The move further strengthens Infibeam’s footprint in West Asia after CCAvenue’s existing digital payment solution services in the UAE and Saudi Arabia.
Earlier, Infibeam Avenues had announced its tie-up with Bank Dhofar in Oman.
The latest announcement will help Infibeam Avenues to garner transaction volumes. Infibeam says with this development, a lion’s share of Oman’s processing volumes will now flow through Infibeam Avenues systems as it looks to capture 90 per cent of Oman market in the payment space.
Amjad Al Lawati, Assistant General Manager - Cards & eBanking at Bank Muscat, said, “This will help merchants using our new system to provide a next online shopping experience to their customers in Oman.”
Card usage up
Vivek Nayak, gen Group COO, Payments Division Infibeam Avenues Ltd, informed that the use of payment cards is gradually rising in Oman.
Despite the overall card use in the country being lower than many of its peers, a number of initiatives by the Central Bank of Oman (CBO) has encouraged adoption of payment cards in the country.
There has been a significant improvement in the payment infrastructure along with the new technology advancements such as contactless and EMV modes, Sharia-compliant cards, as well as the government’s promotion of electronic payments.
There is nearly 150 per cent mobile penetration in Oman. Over 80 per cent of population in Oman use internet and over 70 per cent of mobile connections are broadband, a statement from the company said.
The increasing popularity of e-payments is expected to drive card payments in Oman in the near future, providing opportunity for Infibeam Avenues.
Infibeam Avenues shares fell by over 2 per cetn on NSE to trade at ₹ 82.90 on Tuesday.
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