Euronet Services India Pvt Ltd, a 100% subsidiary of Euronet Worldwide Inc., a global provider of electronic payment and transaction processing solutions for financial institutions, retailers, service providers and individual consumers, and Infinitium Holdings Pte Ltd, a leading online electronic payments and authentication solutions provider in Asia, jointly announced their strategic partnership to combine their service offerings, at a signing ceremony in held in Mumbai.
This alliance earmarks a collaboration to incorporate online technology innovation within India’s financial services and retail sectors. Euronet will leverage Infinitium’s differentiated technology for online authentication and authorisation together with its knowledge of the Indian market, a secure and compliant infrastructure and reputation for world-class service delivery to accelerate the adoption of digital payments.
Himanshu Pujara, Managing Director, Euronet India and South Asia, commented, “The Indian eCommerce industry has witnessed relentless, expansive growth over the past few years and this is expected to continue over the next few years with secular trends around internet, smart phone penetration and rising income levels. All industry estimates size the online market at 80 – 100 Bn USD by 2020. On top of this, with the Government’s impetus on digital payments, the overall opportunity is immense. We are looking at exploiting this opportunity of enabling secure online transactions through a world-class service offering with a scalable and compliant authentication platform. Infinitium has presence in more than 40 banks in South East Asia; is a market leader in the ASEAN region, and we are extremely excited with this partnership with them to jointly address this unique opportunity in the Indian market.”
Ho Ching Wee, Chief Executive Officer of Infinitium Group of Companies, said in his speech, “In emerging markets like India, one of the key deciding factors for jumping the digital payments bandwagon is security and authentication. Technology innovation in payment gateways must deliver authentication standards that comply with the 3D Secure framework, which serves direct relevance and impact to all stakeholders within the eCommerce ecosystem. Our partnership with Euronet will result in an authenticated payment platform which creates confidence and trust to engage in digital payments among cardholders, merchants and banks. When this is embedded within the local payments system, India’s eCommerce market is set for unprecedented growth.”
Recognising India’s booming eCommerce sector which has begun to see high volume of digital transactions, Euronet, as the leading transaction and payments processing company in India, is augmenting its bouquet of service offerings by creating an end-to-end payments platform to enable its customers i.e. banks and merchants to participate in this thriving eCommerce ecosystem. Infinitium takes on the synergistic role of technology provider to implement the back-end solutions for secured Bank Payment Gateway (BPG) and 3-D Integrated Mobile Secure (IMS) authentication platform to meet the needs of the acquiring and issuing ecosystem.
Facilitating India’s eCommerce Boom through Authenticated Payments Technology
India’s payments industry is poised for dramatic growth. Structural growth drivers have been set in place to drive adoption of digital payments, among them include improved connectivity through growing internet and mobile penetration, progressive regulatory initiatives emphasising a ‘less-cash’ economy, ever-increasing entrepreneurial activity and strong investor appetite for the eCommerce market. Technology is here to stay and drive innovations in financial and payments services, while eCommerce platforms continue to upscale the reach of online consumers.
While digital payments continue to gain traction, transaction security and volume capacity represent two important aspects within financial services technology that can answer India’s multi-faceted challenges to embrace digital payments. Digital payments can be a game-changer in terms of bringing new conveniences for the people of India, through increased trust to engage in online transactions. Authenticated payment platforms provide assurance to customers to carry out mobile and digital transactions.
On the other hand, banks and merchants are equipped with the necessary back-end technology to facilitate these transactions with ample security measures against fraud threats. As digital wallets become available, merchants are presented with a great opportunity to reach new markets and grow their business by embracing new payment methods that offer customers greater security and convenience.