CCAvenue, Infibeam Avenues’ multi-channel payment platform, has entered into an agreement with Bank of Baroda to offers its Multi Bank EMI offering. The inclusion of this new payment option will further consolidate the existing card-based EMI payment feature, enabling 1.2 lakh+ eCommerce websites powered by CCAvenue to maximise revenue and grow their businesses considerably. CCAvenue is already the provider of maximum EMI options in the country offering the EMI facilities of 15 leading banks.
Bank of Baroda is India’s third-largest bank with a strong domestic presence due to its large distribution network of 9,500+ branches, 13,400+ ATMs and 1,200+ self-service e-lobbies spread across the country. The Bank also has a significant international presence with a network of 100 overseas offices spanning 21 countries. Bank of Baroda’s mammoth customer base of 127 million includes a large number of credit card customers with ready access to the bank EMI facility.
Responding to changing consumer needs, Infibeam Avenues has strengthened focus on Bank EMI offerings to cater to the ‘Buy Now, Pay Later’ aspirations. The bank’s customers can make purchases for high-value products in easy instalments over a suitable timeframe. Further, the company is also planning to incorporate cardless EMI in its payment solutions and has begun partnering with major players in this segment.
Commenting on the development, Mr. Vishwas Patel, Executive Director at Infibeam Avenues Limited, said: “We constantly strive to widen the reach of e-commerce businesses in India by enabling them to offer the maximum number of payment options to their customers. Our merchant partners can leverage Bank of Baroda’s EMI facility to widen their customer base, drive more sales and increase their revenue stream substantially.”