Indian fintech Infibeam Avenues expands in the Australian payments market

Indian fintech company Infibeam Avenues has announced it is expanding its presence in Australia by opening wholly-owned subsidiary to tap the growing Australian digital payment space.

The total transaction value in the digital payments segment in Australia is projected to reach $92 billion in 2022, which is expected to further reach $175 billion by 2026. While as per a recent report, Australia’s point of sale (POS) market is anticipated to grow at a CAGR of more than 10% during 2020-24 on account of technological advancements, affordable internet connectivity and increasing penetration of smartphones, the statement added.

Infibeam Avenues said it plans to introduce its digital payment technologies in the Australian market, beginning with – CCAvenue TapPay, a non-hardware contactless mobile POS, facilitating card payment transactions for merchants through a tap-on-phone technology.

The fintech has said it will also provide services such as mobile point of sale (mPOS), near field communication (NFC) and contactless card technology in the area of online payments in the Australian market.

In addition to its headquartered country of India, the Indian fintech company also has international operations in the USA, UAE, Saudi Arabia and Oman.