The duo plan to collaborate to incorporate online technology innovation within India’s financial services and retail sectors. Euronet will leverage Infinitium’s differentiated technology for online authentication and authorization together with its knowledge of the Indian market to accelerate the adoption of digital payments.
“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,” said Himanshu Pujara, Managing Director, Euronet, India and South Asia.
“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,” Pujara added.
Recognizing India’s booming e-commerce sector which has begun to see high volume of digital transactions, Euronet plans to create an end-to-end payments platform to enable its customers i.e. banks and merchants to participate in this thriving e-commerce ecosystem. Infinitium is providing the technology to implement back-end solutions for secured Bank Payment Gateway (BPG) and 3-D Integrated Mobile Secure (IMS) authentication platform.
“In emerging markets like India, one of the key deciding factors for jumping the digital payments bandwagon is security and authentication,” noted Ho Ching Wee, Chief Executive Officer, Infinitium.
“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,” Wee added.