CCAvenue

Payments infrastructure company Infibeam Avenues has teamed up with Mumbai-based fintech startup CCAvenue to roll out a point of sale (POS) device for merchants and retailers.

Dubbed 'CCAvenue Soundbox Max', the device allows merchants to accept card payments up to INR 5,000, in addition to UPI. Users with NFC-enabled smartphones can also pay through their phones using the built-in 'tap and pay' feature.

The device supports payments through CCAvenue's QR codes as well as CCAvenue TapPay, said Vishwas Patel, managing director of Infibeam Avenues.

"This multi-payment capability not only streamlines operations but also has the potential to significantly increase income for the merchants," Patel added.

The CCAvenue Soundbox Max comes with a front-facing display, which shows order amounts, UPI QR codes and transaction status. It is also equipped with a smaller rear display and keypad, enabling users to enter transaction details and card pins.

Besides, the device also offers audio alerts in multiple languages. In the coming days, Infibeam Avenues plans to bring additional value-added features to its POS device such as Card EMI and Brand EMI options to cater to diverse retail sectors including supermarkets, quick-service restaurants, salons, fashion boutiques and more.

Founded in 2007, Infibeam is a listed company that offers comprehensive digital payment solutions and enterprise software platforms to businesses and governments across industry verticals.

In December last year, Infibeam acquired a 49% stake in Ahmedabad-based Pirimid Fintech for INR 25 Cr ($3 Mn) to foray into the fast-growing capital market tech space.

In March 2024, Infibeam Avenues received the RBI's nod to operate as a payment aggregator via its payment gateway brand CCAvenue.

Last month, Infibeam said it has signed an agreement to acquire a 54.1% stake in digital content and ecommerce marketplace Rediff.com for INR 25 Cr.

Infibeam posted a 59% jump in its consolidated profit after tax (PAT) to INR 50.4 Cr in the June quarter (Q1) of the financial year 2024-25 (FY25) from INR 31.6 Cr in the year-ago quarter.

Revenue from operations rose 1.4% to INR 752.7 Cr in Q1 FY25 from INR 742.3 Cr in the corresponding quarter last year.