CCAvenue teams up with Zeropay for its comprehensive BNPL offering
15th June, 2022
To provide maximum consumers with greater flexibility in payments, CCAvenue, the globally recognized digital payments brand of Infibeam Avenues Limited, recently entered into an agreement with ZeroPay, an India based lending technology platform that specializes in providing OTT (over-the-top) 'Buy Now, Pay Later' solutions. This move comes in sequence to the growing demand for BNPL solutions that redefine the way customers make purchases, giving them better control of their payments.
While the BNPL services are an existing part of the payments ecosystem in India, the global pandemic has given a stronger momentum to the growth of the BNPL industry. According to a research, the India based BNPL payments are expected to grow with a CAGR of 54.3% during 2022-2028 leading to an increase in the Gross Merchandise Value from US$ 3656.3 million in 2021 to US$ 93509.1 million by 2028. CCAvenue, which is already a provider of EMI facilities (including maximum EMI options) of 13 leading banks sees this as an opportunity to serve a broad spectrum of buyers through its alliance with Zeropay, a powerful BNPL platform.
Zeropay aims to reach out to a wider audience of users in order to help them avail flexible credit solutions. The company's offers its customers with the 'Buy Now Pay Later' facility which comes with a zero interest loan that makes purchases convenient for users. Zeropay works on a 'network effect' model that allows the user to shop from anywhere on credit without having to pay any penalty even if the user has made a late payback.
As a means to ease out lengthy background checks and formalities that are involved in the process of user on-boarding, Zeropay has been offering a KYC process which is faster. Based on the credit score of the user, the loans are then disbursed and recovered back in three instalments that are accepted without interest.
Speaking on this partnership, Mr. T. Nandakumar Menon, Vice President - Alliances and Operations at Infibeam Avenues said: "In the recent years, the BNPL industry has gained considerable traction in India and abroad. Our alliance with Zeropay will boost the acceptance of 'Buy Now Pay Later' as a concept, as CCAvenue will now be a facilitator of payments for online merchants who provide credit to their customers through Zeropay. This will create tons of opportunities for our merchant partners to extend their business and services to maximum users that seek credit friendly options. This collaboration aims to empower multiple websites that are powered by CCAvenue, to provide Zeropay featured interest-free credit purchase options to thousands of online shoppers."
About Zeropay
Zeropay is an India based Over-The-Top (OTT) and Buy Now Pay Later (BNPL) platform, designed to create a healthy credit environment amongst the buyer population and to offer them a credit purchase solution that comes without the burden of paying interests in return. With the primary objective of educating maximum number of users on credit-usage, the organization is known as the first BNPL platform that does not impose any late payment penalty on its users. Zeropay operates mainly on the revenue generated from the vendors on each transaction, and has managed to establish partnerships with 250+ global brands like Amazon, Flipkart, Myntra, Titan and more, in a short span of time.
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. The organization serves millions of merchants spread across verticals such as Retail, Travel, Real Estate, Telecommunication, Government departments, and Utility billers, Hospitality, Education and Healthcare. It enables merchants to 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 13 Multi Bank EMI options.
While the BNPL services are an existing part of the payments ecosystem in India, the global pandemic has given a stronger momentum to the growth of the BNPL industry. According to a research, the India based BNPL payments are expected to grow with a CAGR of 54.3% during 2022-2028 leading to an increase in the Gross Merchandise Value from US$ 3656.3 million in 2021 to US$ 93509.1 million by 2028. CCAvenue, which is already a provider of EMI facilities (including maximum EMI options) of 13 leading banks sees this as an opportunity to serve a broad spectrum of buyers through its alliance with Zeropay, a powerful BNPL platform.
Zeropay aims to reach out to a wider audience of users in order to help them avail flexible credit solutions. The company's offers its customers with the 'Buy Now Pay Later' facility which comes with a zero interest loan that makes purchases convenient for users. Zeropay works on a 'network effect' model that allows the user to shop from anywhere on credit without having to pay any penalty even if the user has made a late payback.
As a means to ease out lengthy background checks and formalities that are involved in the process of user on-boarding, Zeropay has been offering a KYC process which is faster. Based on the credit score of the user, the loans are then disbursed and recovered back in three instalments that are accepted without interest.
Speaking on this partnership, Mr. T. Nandakumar Menon, Vice President - Alliances and Operations at Infibeam Avenues said: "In the recent years, the BNPL industry has gained considerable traction in India and abroad. Our alliance with Zeropay will boost the acceptance of 'Buy Now Pay Later' as a concept, as CCAvenue will now be a facilitator of payments for online merchants who provide credit to their customers through Zeropay. This will create tons of opportunities for our merchant partners to extend their business and services to maximum users that seek credit friendly options. This collaboration aims to empower multiple websites that are powered by CCAvenue, to provide Zeropay featured interest-free credit purchase options to thousands of online shoppers."
About Zeropay
Zeropay is an India based Over-The-Top (OTT) and Buy Now Pay Later (BNPL) platform, designed to create a healthy credit environment amongst the buyer population and to offer them a credit purchase solution that comes without the burden of paying interests in return. With the primary objective of educating maximum number of users on credit-usage, the organization is known as the first BNPL platform that does not impose any late payment penalty on its users. Zeropay operates mainly on the revenue generated from the vendors on each transaction, and has managed to establish partnerships with 250+ global brands like Amazon, Flipkart, Myntra, Titan and more, in a short span of time. 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. The organization serves millions of merchants spread across verticals such as Retail, Travel, Real Estate, Telecommunication, Government departments, and Utility billers, Hospitality, Education and Healthcare. It enables merchants to 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 13 Multi Bank EMI options.
INFIBEAM AVENUES
