CCAvenue collaborates with Fincare Bank for its Net Banking facility
10th September, 2020
In a major initiative aimed at augmenting the earning potential of its mammoth merchant base, Infibeam Avenues' digital payments facilitator CCAvenue has announced that it would be offering Fincare Bank's direct debit facility in its large payment stack within the next couple of months. The account holders of the bank will soon be able to avail its net banking facility to make secure and convenient payments on innumerable eCommerce websites powered by CCAvenue payment gateway.
The journey of Fincare Small Finance Bank began when 2 NBFC Micro Finance Institutions, Future Financial Services and Disha Microfin came together and launched operations in July 2017. Within just a year of its launch, the bank built a deposit base of over INR 1,200 crores from institutional and retail customers as well as a loan portfolio of over INR 2,700 crores. Since then, the bank has expanded its business considerably and its vast network is now spread across several Indian states.
The vision of the bank is to enable the financial inclusion of the unbanked and underbanked base of the pyramid, mass retail and micro and small enterprise segments. Fincare Small Finance Bank is now a scheduled bank that offers a suite of smart banking products that provides Institutional Finance and Micro Loans as well as a comprehensive range of core banking products.
CCAvenue already has the largest direct debit engine in South Asia with the net banking options of 58+ leading banks. This move will further strengthen CCAvenue's payment network as well as widen the market reach of its 1.4 lakh merchants. They can start tapping into this large segment of consumers, once the integration of this new payment option has been completed.
Speaking on this partnership, Mr. T. Nandakumar Menon, Head - Alliance, Payment Services Division at Infibeam Avenues, commented: "The push towards contactless payments has picked up steam during the pandemic, and net banking remains one of the most preferred contactless payment options for millions of bank customers in the country today. Hence, our alliance with Fincare Small Finance Bank for its direct debit facility will be of immense benefit to our web merchants as they can soon reach out to the vast customer base of this rapidly expanding bank and grow their business."
About Fincare Small Finance Bank
Fincare Small Finance Bank, previously known as Dish Microfin, a licensed NBFC, began banking operations in July 2017. Within a year of its launch, the bank built a deposit base of over INR 1,200 crores from institutional and retail customers and a loan portfolio of over INR 2,700 crores. Fincare bank is now a scheduled bank that offers a suite of smart banking products that provides Institutional Finance and Micro Loans as well as a comprehensive range of core banking products. The bank has a vast network comprising hundreds of banking outlets spread across the country. To learn more about the bank's services, please visit https://www.fincarebank.com/
About CCAvenue
CCAvenue, the flagship brand of Infibeam Avenues Limited, is a PCI DSS 3.2.1 compliant payments platform for eCommerce businesses in India. It has been designed to help its 1.4 lakh+ merchants accept online payments through a spectrum of new-age payment options including 6 major Credit Cards, 97+ Debit Cards (All MasterCard / Visa / Maestro / RuPay Cards), Amex EzeClick, 58+ Net Banking, Mobile Wallets, UPI and up to 14 Multi Bank EMI options. Backed by a 20-year history of industry firsts, outstanding innovations and prestigious accolades, CCAvenue offers a multi-channel payment platform, along with a suite of disruptive features such as Invoices, Subscriptions, CCAvenue B2Biz, CCAvenue Checkout, CCAvenue S.N.I.P., CCAvenue Store Front, CCAvenue Card Storage Vault (tokenization) and more.
The journey of Fincare Small Finance Bank began when 2 NBFC Micro Finance Institutions, Future Financial Services and Disha Microfin came together and launched operations in July 2017. Within just a year of its launch, the bank built a deposit base of over INR 1,200 crores from institutional and retail customers as well as a loan portfolio of over INR 2,700 crores. Since then, the bank has expanded its business considerably and its vast network is now spread across several Indian states.
The vision of the bank is to enable the financial inclusion of the unbanked and underbanked base of the pyramid, mass retail and micro and small enterprise segments. Fincare Small Finance Bank is now a scheduled bank that offers a suite of smart banking products that provides Institutional Finance and Micro Loans as well as a comprehensive range of core banking products.
CCAvenue already has the largest direct debit engine in South Asia with the net banking options of 58+ leading banks. This move will further strengthen CCAvenue's payment network as well as widen the market reach of its 1.4 lakh merchants. They can start tapping into this large segment of consumers, once the integration of this new payment option has been completed.
Speaking on this partnership, Mr. T. Nandakumar Menon, Head - Alliance, Payment Services Division at Infibeam Avenues, commented: "The push towards contactless payments has picked up steam during the pandemic, and net banking remains one of the most preferred contactless payment options for millions of bank customers in the country today. Hence, our alliance with Fincare Small Finance Bank for its direct debit facility will be of immense benefit to our web merchants as they can soon reach out to the vast customer base of this rapidly expanding bank and grow their business."
About Fincare Small Finance Bank
Fincare Small Finance Bank, previously known as Dish Microfin, a licensed NBFC, began banking operations in July 2017. Within a year of its launch, the bank built a deposit base of over INR 1,200 crores from institutional and retail customers and a loan portfolio of over INR 2,700 crores. Fincare bank is now a scheduled bank that offers a suite of smart banking products that provides Institutional Finance and Micro Loans as well as a comprehensive range of core banking products. The bank has a vast network comprising hundreds of banking outlets spread across the country. To learn more about the bank's services, please visit https://www.fincarebank.com/
About CCAvenue
CCAvenue, the flagship brand of Infibeam Avenues Limited, is a PCI DSS 3.2.1 compliant payments platform for eCommerce businesses in India. It has been designed to help its 1.4 lakh+ merchants accept online payments through a spectrum of new-age payment options including 6 major Credit Cards, 97+ Debit Cards (All MasterCard / Visa / Maestro / RuPay Cards), Amex EzeClick, 58+ Net Banking, Mobile Wallets, UPI and up to 14 Multi Bank EMI options. Backed by a 20-year history of industry firsts, outstanding innovations and prestigious accolades, CCAvenue offers a multi-channel payment platform, along with a suite of disruptive features such as Invoices, Subscriptions, CCAvenue B2Biz, CCAvenue Checkout, CCAvenue S.N.I.P., CCAvenue Store Front, CCAvenue Card Storage Vault (tokenization) and more.
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