By Nikhil Cariappa
Infibeam has picked up a 48% stake in Mumbai based Go Payments aka Instant Global Paytech Private Limited (IGPL), a payments company which offers money transfer, mobile recharges, bill payments, travel booking and BBPS, for Rs 6 crore. IGPL will use a part of the capital to acquire customers and merchants and the rest for technology and ramping up hiring.
Infibeam is looking to get traditional merchants in tier 2 and tier 3 cities to move to digital billing and payments, and the IGPL investment is to cater to offline transactions as well, a company source said.
Infibeam owns CCAvenue, a payment gateway which it claims caters to 70% of all retail e-merchants in India. CCAvenue claims to have 240 payment options connecting to 55 Indian banks. It claims to have over 500,000 customers in India.
In November last year, CCAvenue launched BillAvenue, an inter-operable digital bill payments platform, built on the Bharat Bill Payment System (BBPS) infrastructure. In 2016, CCAvenue had partnered with ICICI bank to offer UPI payment option to clients, at traditional debit card rates
Infibeam also runs the e-commerce portal infibeam.com.
- Payments Processed in Q2FY19 – Rs 232.55 billion (Rs 23,255.15 crore)
- Transactions Processed in Q2FY19 – 55.58million
- CCAvenue Merchants – over 100,000
- Agents registered with BillAvenue – over 300,000
- Hotels using ResAvenue – over 750
Edit: The headline had been updated to reflect the parent company name of Go Payments – IGPL.