India :
– Infibeam Avenues Ltd, a publicly traded fintech company, reveals a significant partnership between its leading payment brand, CCAvenue, and IDFC First Bank. This strategic collaboration is geared towards delivering comprehensive credit card EMI solutions, enriching the payment journey for countless customers of the bank across the country.
– Teaming up with IDFC First Bank signifies a significant milestone for CCAvenue, underscoring its dedication to providing seamless and groundbreaking payment solutions. Through this partnership, CCAvenue will extend effortless payment services, augmenting the current Buy Now, Pay Later (BNPL) options already available to merchants.
-This initiative aligns perfectly with CCAvenue’s vision of leading in the swiftly changing fintech arena. The incorporation of CCAvenue’s EMI solutions into IDFC First Bank’s credit card systems will provide customers with a convenient and adaptable payment experience, establishing a fresh benchmark in the industry.
– According to research conducted by Home Credit India, 49% of borrowers opted for EMI credit in 2023 due to increased trust and prompt disbursals. Recent data from the RBI indicates a significant year-on-year growth of 32% in credit card transactions in December 2023, rising from INR 1.25 trillion in December 2022, signaling strong expansion. Additionally, RBI data forecasts that the number of credit cards in India is on track to surpass 100 million, with 97.9 million credit cards recorded as of December 2023.
– With the anticipated growth in EMI credit opportunities in India, credit card provider banks are redirecting their attention towards providing Easy Buy EMI cards to their esteemed customers, thus amplifying their buying capabilities. Many banks are striving to offer a range of products and services encompassing retail banking, wholesale banking, and investment banking.