NEWS & ADVICE : CREDIT CARDS
MasterCard takes 12.5% stake in Electra Card Services
By Ankit Sharma
Oct 1, 2010
Print    Email    RSS   

MasterCard Worldwide has taken a 12.5% stake in ElectraCard Services, which is a payment solutions company located in Pune. It is a wholly owned subsidiary of Opus Software Solutions.

According to Ajay Banga, president and chief executive officer of MasterCard Worldwide the company may look into the prospect of increasing its stake in ECS in future.

"This tie up helps us provide a better, faster and cheaper technology to our customers," Ajay Banga said.

"We will look at enhancing the stake at an appropriate time in future," Banga added.

ECS ranks amongst the largest internet payment solution providers in the country. The company has seen revenue worth Rs 110 crore in 2009-10.

Ramesh Mengawade, chairman and CEO of ECS, said, "We will get access to other global markets in southeast Asia, Africa and West Asia through MasterCard and hence, it is a win-win proposition for us."

"We are service providers to seven out of the top 10 banks in India including SBI, ICICI Bank and Axis Bank," Mengawade claims.


 


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Carnival of Indian Personal Finance Blogs #6
All about Vintage/Classic car insurance in...
Prevent yourself from cheque frauds
Converting credit card outstanding into a...
Rupeetimes guide to different types of...


Good Morning, i forgot my FCMB Account Number and...
Radhey@09646870399 @Escoℛts In#Chandigarh...
Radhey@09646870399 @Escoℛt In#Chandigarh...

NEWS THIS WEEK
91st Founders day of the Karnataka Bank Feb 18, 2015
Banks on strike from 25th February Feb 16, 2015
SBT bank postponed the Open House meet Feb 13, 2015
Yes bank planning to line up for credit card portfolio Feb 12, 2015
Pocket banking – new app by ICICI bank Feb 11, 2015
News Archive