Fintech company Avenues World FZ LLC expects the MENA digital payments market to increase at a rate of 10 times

Infibeam Avenues Ltd's wholly owned subsidiary in the UAE, Avenues World FZ LLC, is aiming for substantial growth in the MENA markets. The company seeks to achieve a remarkable ten-fold increase in annual payment processing, targeting US$27 billion (AED 100 billion) by 2030, up from the current US$2.7 billion (AED 10 billion). As the second-largest non-bank payments aggregator in the UAE, Avenues World FZ LLC operates under the fintech brand CCAvenue. are in the MENA region. To facilitate its expansion across MENA and global markets such as the US, Australia, and Southeast Asia, Infibeam has centralized all its international business under Vavian International, its UAE arm.

CC Avenue, Infibeam's digital payments aggregation brand, boasts over 5,000 customers in the UAE. This market is experiencing significant growth, with a Compound Annual Growth Rate (CAGR) of 20 per cent anticipated from 2021 to 2023, creating promising opportunities for fintech and payment aggregators.

Statista predicts that digital payments in the GCC will reach $168 billion by 2027. This projection underscores the need for fintech companies in the payments sector to adopt cutting-edge technology, scale capabilities, and prioritize safety and security. In a strategic move to broaden its service offerings, Infibeam recently entered into a partnership with PayPal. This collaboration enables businesses in the MENA region to seamlessly settle and receive payments from their cross-border customers and vendors. Through this association, businesses gain access to a global network encompassing 435 million active PayPal accounts across 200-plus countries, eliminating the requirement for a US bank account.