20 Market CCAvenue, the flagship brand of Infibeam Avenues, a leading e-commerce solutions provider, enables over millions of merchants globally to accept online payments through a spectrum of newage payment options.The digital payments industry in India has been expanding rapidly and is anticipated to double its overall value to more than US$ 135.2 billion in 2023, according to an Assocham-PWC India study. Fur thermore, the digital payments industry seeks to address challenges such as those emanating from rapid changes in technology, cyber security threats, a cashbackdriven culture and process inefficiencies.The Indian payment ecosystem is moving into a new phase of development with the evolution of new modes of digital payment including eWallets, UPI, eMandates and more. As India continues to make steady progress towards becoming a ‘less cash economy’ with greater financial inclusion, the digital payments industry plays a crucial role in achieving these objectives. Fintech companies can leverage the immense potential of the evergrowing market which has over a billion mobile users of which more than 600 million have internet access. Achievements As a pioneer in the Indian digital payments space, CCAvenue was among the first third-par ty payment aggregators in the country. Since its inception in 2001, CCAvenue has acquired vast domain experience that gives it the competitive edge and therefore enjoys a significant market share of Indian e-commerce websites. Its robust hardware, scalable technology and best-in-class processes make transacting quick, secure and convenient for both online merchants as well as their customers. CCAvenue offers the highest level of security for digital transactions as it has achieved the global standard PCI-DSS 3.2.1 compliance and uses advanced fraud detection and risk mitigation processes. The digital payment facilitator has earned tremendous faith and goodwill with millions of merchants availing its payment gateway services. For the past few decades, CCAvenue has served as the key catalyst of growth for thousands of e-commerce businesses across all major industry ver ticals, including online retail, real estate, hospitality, education, government and telecom sectors. 2021 has been truly prosperous for CCAvenue as it has been rewarded with the most esteemed accolades including the Superbrands 2021-22 title, Economic Times Best BFSI Brands 2021 accolade, Best Use of Technology honour at the Unlocked Awards 2021, Best Digital Payment Facilitator accolade at the Driver of Digital Awards 2020, and Best Technology Solution for ERM at the Inn Tech Awards 2021. CCAvenue has also achieved ISO/IEC 27001:2013 cer tification, a globally recognised standard for cer tifying information security programmes and processes within organisations.This recognition is a testament to the company’s unwavering commitment to maintaining the highest levels of information security, confidentiality, integrity and availability of all data. History Founded by Vishwas Patel, CCAvenue is a PCI DSS 3.2.1 compliant payments platform for e-commerce businesses in India. As the co-owner of a reputed fashion brand,Vishwas was eager to sell the garments online and was looking for an affordable and reliable payment gateway. Disappointed with the high set up costs, exorbitant processing charges and the presence of only a small number of merchants online, Vishwas decided to launch his own payment gateway that would cater to the needs of the hither to nascent e-commerce industry. CCAvenue commenced its operations in September 2001 and became India’s first bank neutral payment gateway. By October 2001, CCAvenue par tnered with the financial services giant, American Express to expand payment options to 50 million of its card holders worldwide. Since then, CCAvenue has consolidated its payment network and now offers all the major credit cards, debit cards, net banking, mobile wallets, prepaid instruments, UPI and multi-bank EMI options. The CCAvenue platform has included the payment options of leading domestic and international banks such as State Bank of India, Bank of India, Kotak Bank, ICICI Bank, HDFC Bank, Citibank, Deutsche Bank, Barclays Bank and more. Since 2014, the company has expanded its global footprint and launched CCAvenue is a leading Indian payment gateway that also has significant presence in the Middle East and the US. It empowers thousands of online businesses worldwide to accept payments seamlessly in multiple currencies with the largest bouquet of payment options available online. Its feature-rich payment processing platform boosts transaction success rates, enhances customer experience and increases the earning potential of e-commerce websites significantly. Being PCI-DSS V3.2.1 compliant, CCAvenue provides the maximum level of security for digital transactions. Superbrands 2022 in.superbrands.com
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