India’s first listed e-commerce firm Infibeam has made an investment of Rs 6 crore in Mumbai-based Instant Global Paytech.
This strategic investment is initiated to build a payment technology platform for facilitating offline transactions by merchants and retailers across small cities and towns.
Instant Global Paytech that owns Go Payments would be utilising a part of this fund to attract merchants and customers. The rest of the money will be channeled for boosting technology and strengthening the team, said the company.
Instant Global’s technology helps merchants and retailers in ensuring digital solutions to the cash transacting customers. While Infibeam Avenues offers multi-channel payment processing services through the CCAvenue brand.
“An estimated 90 percent of the transactions in the country are still cash based and there are more than 700 million people who fall in the category of “unbanked” and “underbanked”,” the company said.
“These people have access to cash and digital instruments, but are not comfortable transacting in the digital world,” it added.