NEWS & ADVICE : CREDIT CARDS
SBI finally enters into JV regarding POS terminals
By Ankit Sharma
May 6, 2010
Print    Email    RSS   

The country's largest lender, State Bank of India has finaaly selected its partner for the POS terminal joint venture. The bank has selected a consortium of Visa International and Elavon as partners.

They would together be setting up six lakh point of sales (POS) terminals in the country. Point of sales terminals are machines which are used for making payment transactions through debit and credit card.

The bank had earlier finalized the top three contenders for the JV namely Visa, Royal Bank of Scotland (RBS) and Global Payments.

The deal size has not yet been disclosed by either partner. Last year ICICI had made a $ 80 million deal while selling its POS terminal network to First Data Corporation. A new entity named SBI Payments Services has been incorporated by SBI for the JV wherein the two partners would be taking up stakes at a premium.

"We have been able to demonstrate our capability to expand the network in Brazil where we have a similar venture in association with banks there. This venture has taken the number of POS terminals in the country from 50,000 to 12 lakh in 12 years," said Utam Nayak, country head for Visa in India. He said that the deal is an indicative of the Visa's commitment to India.

It has been said by sources that SBI would be using these POS terminals as tools to spread financial inclusion in the country.

Elavon US is a wholly-owned subsidiary of US Bancorp and a leading global payments provider.

 


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

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
5 steps to avoid credit card debt and...
IMPS- remittance facility through mobile...
The ABN AMRO One Card
Converting credit card outstanding into a...
ICICIs latest phishing warning email


प्यार विवाह...
Bangalore ℂall ℊiℝls 8884081673 pankaj ℂall...
I WOULD LIKE TO SEE THE CREDIT CARD STATEMENT
what is my credit card statement
i forgot my ATM pin number i could i get it again
how to improve my CIBIL score???

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