CCAVENUE REVOLUTIONIZING E-COMMERCE IN INDIA

India's only complete Internet payment processing solution, ResAvenue, is revolutionizing Indian e-commerce and making it "happen". Avenues, the architects of this comprehensive and cost - effective secure online payment solution have ensured a neutral platform to enable processing of all Credit Card brands and debit based Internet enabled bank accounts.

ResAvenue enables e-merchants to offer their customers the facility to pay them online using Master Card, Visa, American Express, Diners Club International, JCB Cards and Citibank E-Cards in a secure environment. HDFC Bank, ICICI Bank, Citibank, IDBI Bank, UTI Bank, Centurion Bank and Global Trust Bank have tied up with Avenues to enable their net banking customers to pay online, in real time, for goods and services of Internet Merchants using the ResAvenue ePayments Solution.

Vishwas Patel, CEO and Co-Founder of Avenues, explains that "Earlier e-commerce in India was shackled by the high upfront and costly recurring processing fees charged by financial institutions, which could be afforded by only about 300 Indian websites mostly VC funded. Serious brick-and-mortar merchants, who intended to sell online were disillusioned by this scenario and refrained from expanding their online presence. Such was the compelling situation in the year 2000, that it initiated us to take the lead and architect ResAvenue. The aim was to deliver the most comprehensive and cost effective online payment authorization and processing service for Indian e-merchants."

ResAvenue was thus launched on 1st September 2001, and it today provides turnkey e-commerce solutions to more than five hundred e-merchants across India including major portals belonging to Union Ministry of Information Technology, I.L. & F.S., Baidyanath Group, Vakils, Kalnirnay, Kajaria Ceramics and IndiaInfo.com. ResAvenue is today, India's most preferred online payment processing service for e-commerce, enabling e-merchants to process secure transactions in real time, 24 hours a day. ResAvenue is powered by proprietary technology that integrate online payment processing, fraud control, financial reporting and tracking.

"Can e-commerce in India really happen if ownership of a credit card is a pre-condition?" Apurva Mody, Chief Marketing Officer, Avenues, probes a thought-provoking question. "In a country where the total ownership of credit cards is small compared to its huge population, we realized that the only feasible alternative is to enable existing Internet bank accounts for online payments. ResAvenue, has thus joined forces with almost all leading private sector and multi national banks to leverage their existing online banking IT infrastructure, on its neutral platform, so that ResAvenue's Merchant users can accept payments from customers who bank with any of these financial institutions".

For more information, please visit www. ResAvenue.com or call Avenues (I) Pvt. Ltd on (022) 6000816/ 46 and 6491524 or Panini Vakil at Medianetwork on (022) 24928764

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