Infibeam Avenues partners with Bank Muscat to offer high-end PG services
Leading global Fintech solutions provider, Infibeam Avenues Limited announced its collaboration with Bank Muscat, Oman's biggest Bank, in a move aimed to offer payment processing services under the flagship brand CCAvenue to merchants in Oman. This would also give a boost to the e-commerce sector in the region.
The company, through its digital payment solution, CCAvenue Payment Gateway Service (CPGS), will process online card transactions of various payment networks for Bank Muscat and along with this, help the Bank to authorise online payment for its merchants.
The tie‐up with Bank Muscat will put Infibeam Avenues in a pole position in the race to garner transaction volumes after its earlier tie-up with Bank Dhofar in Oman. The collaboration with the top two banks of Oman will mean that a lion's share of Oman’s processing volumes will now flow through Infibeam Avenues systems.
Despite the announcement, on Tuesday, the stock of Infibeam Avenues Limited closed at Rs 80.40 per share, down by 5.19 per cent or Rs 4.40 per share on BSE, against a 1.01 per cent gain in the benchmark index. Its 52-week high is recorded at Rs 94.05 and the 52-week low is Rs 26.55 on BSE.