Money & Banking

JPMorgan Chase inks pact with Infibeam to use CCAvenue

Our Bureau Ahmedabad | Updated on October 14, 2020 Published on October 14, 2020

Investment banking major JPMorgan Chase Bank NA, India has inked an agreement with Ahmedabad-headquartered e-commerce player Infibeam Avenues to use the latters’s enterprise payment platform — CCAvenue — to process the bank’s enterprise clients.

In a filing with the stock exchanges, Infibeam Avenues informed that JPMorgan Chase Bank NA India (JPMC) has signed a definitive agreement with Infibeam to use CCAvenue.

Infibeam shares ended in positive territory at ₹87.65 on BSE on wednesday.

Infibeam Avenues also offers a white label enterprise digital payment platform to private sector banks including HDFC Bank and Kotak Mahindra Bank for their enterprise clients to process the payments.

Recently, Infibeam had entered into a deal with Jio Platforms and its affiliates. The move is to offer the former’s marketplace enterprise platforms and enterprise digital payment platform for the latter’s business use. Infibeam has also entered the Oman market by partnering with second-largest bank in Oman, Bank Dhofar, to provide its enterprise digital payment platform and offer acquiring processor services for processing card payments.

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Published on October 14, 2020
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