Infibeam currently has a presence in the UAE and Saudi Arabia.
Digital payments and e-commerce technologies platform business Infibeam Avenues, which had forayed into Oman final month partnering with its Bank Dhofar to procedure on the web payments for its consumers, is aggressively tapping into the marketplace additional. In order to increase its e-commerce sector, the business has now inked a pact with the Bank of Muscat to procedure on the web card transactions of several payment networks for the bank by means of its digital payment option CCAvenue Payment Gateway Service. It would also assistance the bank to authorise on the web payments for its merchants. “We are offering the next-gen payment processing services under our flagship brand CCAvenue in Oman market to boost e-commerce sector there by collaborating with the Bank of Muscat. It is the country’s biggest bank,” Vishal Mehta, Managing Director, Infibeam Avenues told The Spuzz Online.
The tie-ups with the two banks would arguably place Infibeam in the pole position in the race to obtain transaction volumes in Oman. The business stated in a statement that the partnerships “will mean that a lion’s share of Oman’s processing volumes will now flow through Infibeam Avenues systems.” Bank of Muscat and Bank Dhofar are the greatest banks of Oman and are learnt to procedure about 90 per cent of the on the web transactions. According to Statista, the Bank of Muscat was the major industrial bank in 2019 in terms of total assets of $32 billion followed by Bank Dhofar with $11.24 billion in total assets. “Online (channel) is growing fast in that (Oman) market even as post-Covid more transactions across the world have picked up. As a result, merchants will always find the appetite to be able to sell products and services online,” stated Mehta.
Also study: SoftBank’s Manoj Kohli: E-commerce, education, healthcare, and fintech to transform more quickly post Covid
“At Bank Muscat, we are mindful of our reputation as the biggest bank in Oman. So we believe in staying at the forefront by providing the best 2 possible services to our customers by deploying cutting edge technologies in a timely manner,” stated Amjad Al Lawati, Assistant General Manager ‐ Cards & eBanking at Bank Muscat in the statement. The mobile penetration in Oman is close to 150 per cent although more than 80 per cent population makes use of the world wide web and far more than 70 per cent of mobile connections are broadband. Oman’s population is about 5 million at present. Infibeam currently has a presence in the UAE and Saudi Arabia. The business had reported a 58.6 per cent fall in consolidated net profit at Rs 12 crore for Q1 FY21 down from Rs 29 crore in the year-ago period. The revenues stood at Rs 103 crore — 44.6 per cent down from Rs 186 crore in Q1 FY20.