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CCAvenue:: Overview of Payment Processing Service for India - 20 million new customers for CCAvenue merchants! Avenues and Syndicate Bank sign a net banking agreement

Karnataka Bank customers can now shop online with ease. Karnataka Bank signs a net banking agreement with Avenues

July 31, 2009

Avenues, the largest integrated ecommerce company in South Asia is pleased to announce that it has signed a net banking agreement with Karnataka Bank, a leading private sector bank.

Mr. Nandkumar Menon, Manager - Alliances, Avenues (left) with Senior Official of Karnataka Bank (right)Karnataka Bank customers can now shop online with ease. Karnataka Bank is a leading private sector bank that is headquartered in the South of India with a customer base of over 3.7 million. It is well known as a technology savvy, customer centric progressive bank with a national presence. Given the growing trend amongst its customers to shop for all types of products and services online, Karnataka Bank seeks to simplify and secure the online shopping process for its customers and maintain its reputation as a technology savvy bank through this deal with Avenues.

Avenues is the parent company of solutions such as CCAvenue (neutral payment gateway), ResAvenue (online hospitality solution) and EventAvenue (online event management solution). Currently, CCAvenue, the online neutral payment gateway enables thousands of merchants to sell the products and services online. Through this agreement, Karnataka Bank customers can now buy and pay for products and services on any of Avenue's merchant websites easily, directly through their Karnataka Bank account. ResAvenue's hoteliers will also benefit as their market reach expands to include 3.7 million new customers.

Avenues' CEO Mr. Vishwas Patel said, 'No two people are the same and not everyone has an account with the same bank. To ensure that our merchants can reach out and capture customers from anywhere in India, we aim to sign net banking agreements with every possible bank. With 30 plus banks to our name, we are on our way to achieving our goal of providing our merchants with the widest range of payment options to capture customers across the Indian sub-continent. We are happy to welcome Karnataka Bank on-board. Our merchants can expect more additions in the near future.'

About Karnataka Bank Ltd.
Karnataka Bank Limited is a leading private sector bank in India. It was incorporated on 18th February 1924 at Mangalore, a town located in the Kannada district of Karnataka. The bank emerged as a major player during the freedom movement of 20th Century India.

Today, Karnataka Bank offers a comprehensive range of customized products & services suitable for every kind of market, trade or perceived need - Business or Personal including borrowing facilities, deposits, providing optimum returns on surplus funds or helping with overseas transactions. It provides professional banking services and quality customer service to its 3.7 million plus customers through its national wide network of 449 branches that are spread across 20 states and 2 Union Territories.

About Avenues
Incorporated in the year 2001, Avenues is a zero-debt company that has been profitable from its inception. Avenues is head quartered in Mumbai, India and has subsidiary companies and offices in USA, Singapore and China. Avenues has developed several innovative, cutting-edge ASP hosted solutions that are used by thousands of eMerchants globally. Beginning as a single product company that catered to the local market, Avenues has become a multi-product company that operates on a global scale. The Avenues support and development center is based in Mumbai, India. The total strength of the Avenues team is currently 125 persons spanning across all offices. Avenues has three Business Units namely– Avenues Commercial Services, Avenues Travel Industry Services and Avenues Community Related Services.For more information, log onto:

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