Infibeam invests Rs 6 Cr in payments tech firm Instant Global Paytech

Infibeam Avenues, India's first listed e-commerce firm, has made a strategic Rs 6 crore investment in Mumbai-based Instant Global Paytech to build a payment technology platform to facilitate offline transactions by merchants and retailers in small cities and towns.

Instant Global Paytech which operates Go Payments, would use part of the funds to acquire customers and merchants. The rest of the money will be invested in technology and to strengthen the team, it said.

Instant Global's technology enables merchants and retailers to offer digital solutions to largely cash transacting customers. Infibeam Avenues offers multi-channel payment processing services via the CCAvenue brand.

An estimated 90% 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, the news release added.