CCAvenue.com breaks new ground again: Offers online EMI on ICICI Bank Debit Cards
14th October, 2015 - Mumbai, India
CCAvenue, India's largest payment gateway, becomes the first to introduce the online EMI (Equated Monthly Instalment) facility on ICICI Bank debit cards. Now ICICI Bank Debit Card customers who hold a Fixed Deposit with the Bank can convert high value transactions into easy instalments instantly when shopping online. This EMI facility allows customers to pay in EMIs of 3, 6, 9, 12, 18 or 24 months.
Speaking about how ICICI Bank debit card EMI facility will benefit CCAvenue merchants, Mr. Vishwas Patel, CEO, Avenues India said, "CCAvenue has always been at the forefront to offer our merchants the widest payment network so as to enable them to expand their market reach and generate more revenue. This new facility is especially relevant as there aren't too many customers who hold credit cards or prefer to use credit cards while shopping online. But there is a larger universe of Debit Card holders who will find this facility useful. What's more is that this facility will offer a three-pronged advantage to customers as they can leverage on their fixed deposits and earn interest, while they shop and pay in EMI as well as earn reward points on transactions. That's a winning combination of benefits.
This financial flexibility for the consumer will offer merchants closer engagement opportunities and create easy product accessibility, thereby giving a tremendous boost to their business. With the festive season around the corner, we believe this initiative will allow over 22 million ICICI Bank debit card customers to buy products of their choice at thousands of our CCAvenue Merchants and pay in easy EMIs."
For a merchant the ICICI Bank EMI on Debit Card transaction process will remain the same as it is with the Credit Card EMI process. The transaction will get authorised instantly for the full amount and the merchant will receive full payment (less CCAvenue Commission and taxes) on confirmation of the product shipment. CCAvenue has already been offering EMI facility on credit cards of ICICI Bank, Axis Bank, Kotak Mahindra Bank, IndusInd Bank, HSBC Bank, State Bank of India and Amex Bank. Looking forward, CCAvenue aims to increase the number of EMI options on credit and debit cards substantially.
As CCAvenue introduces more and more such innovative payment options in the coming months, it will only help merchants achieve more sales in the future.
About ICICI Bank Ltd
ICICI Bank is India's largest private sector bank with total assets of Rs. 6,461.29 billion (US$ 103 billion) at March 31, 2015 and profit after tax Rs. 111.75 billion (US$ 1,788 million) for the year ended March 31, 2015. ICICI Bank currently has a network of 4,050 Branches and 12,890 ATM's spread across India. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its group companies. Time and again its innovative banking services have been recognized and rewarded the world over.
About Avenues
Incorporated in the year 2001, Avenues is the parent company of CCAvenue.com and is a zero-debt company that has been profitable since its inception. With its headquarters in Mumbai, Avenues has developed several cutting-edge solutions that are used by thousands of eMerchants globally. CCAvenue offers real-time, multi-currency online payment processing services for businesses in the major industry verticals. It is the only complete PG solution in the region that has the unique capability to offer the full spectrum of Internet payment options including the 6 major Credit Cards, 98+ Debit Cards (All MasterCard /Visa /Maestro /RuPay Cards), Amex EzeClick, 53+ Net Banking, 8 Prepaid instruments (Including the MobiKwik and Paytm wallets), 2 Mobile Payments and up to 7 Multi Bank EMI options.
Speaking about how ICICI Bank debit card EMI facility will benefit CCAvenue merchants, Mr. Vishwas Patel, CEO, Avenues India said, "CCAvenue has always been at the forefront to offer our merchants the widest payment network so as to enable them to expand their market reach and generate more revenue. This new facility is especially relevant as there aren't too many customers who hold credit cards or prefer to use credit cards while shopping online. But there is a larger universe of Debit Card holders who will find this facility useful. What's more is that this facility will offer a three-pronged advantage to customers as they can leverage on their fixed deposits and earn interest, while they shop and pay in EMI as well as earn reward points on transactions. That's a winning combination of benefits.
This financial flexibility for the consumer will offer merchants closer engagement opportunities and create easy product accessibility, thereby giving a tremendous boost to their business. With the festive season around the corner, we believe this initiative will allow over 22 million ICICI Bank debit card customers to buy products of their choice at thousands of our CCAvenue Merchants and pay in easy EMIs."
For a merchant the ICICI Bank EMI on Debit Card transaction process will remain the same as it is with the Credit Card EMI process. The transaction will get authorised instantly for the full amount and the merchant will receive full payment (less CCAvenue Commission and taxes) on confirmation of the product shipment. CCAvenue has already been offering EMI facility on credit cards of ICICI Bank, Axis Bank, Kotak Mahindra Bank, IndusInd Bank, HSBC Bank, State Bank of India and Amex Bank. Looking forward, CCAvenue aims to increase the number of EMI options on credit and debit cards substantially.
As CCAvenue introduces more and more such innovative payment options in the coming months, it will only help merchants achieve more sales in the future.
About ICICI Bank Ltd
About Avenues
Incorporated in the year 2001, Avenues is the parent company of CCAvenue.com and is a zero-debt company that has been profitable since its inception. With its headquarters in Mumbai, Avenues has developed several cutting-edge solutions that are used by thousands of eMerchants globally. CCAvenue offers real-time, multi-currency online payment processing services for businesses in the major industry verticals. It is the only complete PG solution in the region that has the unique capability to offer the full spectrum of Internet payment options including the 6 major Credit Cards, 98+ Debit Cards (All MasterCard /Visa /Maestro /RuPay Cards), Amex EzeClick, 53+ Net Banking, 8 Prepaid instruments (Including the MobiKwik and Paytm wallets), 2 Mobile Payments and up to 7 Multi Bank EMI options.
INFIBEAM AVENUES
