The booming retail market with annual transactions worth 410 billion dollars (about Rs 1,850,000 crore) and nearly 100 per cent mobile penetration make phones a perfect medium for payments, said The Associated Chambers of Commerce and Industry of India (ASSOCHAM). A growing middle class with over 300 million people and their increasing disposable income has led the retail market to grow exponentially. India has also been among the fastest growing mobile market with more than 720 million subscribers and by 2015 mobile phone penetration is projected to hit nearly 100%. India has 173 million debit cards and 23 million credit cards in use but the point of settlement terminals in India remain low at 419 per million inhabitants as compared to 1,700 in China, 17,020 in the United States and 24,611 in Brazil. The market is rife for m-payment.
ElectraCard Services (ECS) technology and business solutions in electronic payments signed an agreement with IndusInd Bank to extend technology and processing services for their credit card business. As technology partners, ECS will cater to various aspects of credit card program offerings such as “electraCREDIT” comprehensive credit card management solution; “electraGUARDTM” advanced fraud management engine; “electraCOLLECT” comprehensive collection solution; and “electraSECURE” fraud prevention solution for ecommerce transactions. ECS also will process and provide expertise to ensure a seamless migration and furnish the Bank a smooth, fast and secure platform to service its customer base.
Muthoot Finance has inked agreements with the Western Union and Paul Merchant to make available money transfer services through various branches of the company across the country. This is especially size-mic given India is the largest remittance receiving country in the world, having reached an estimated $55 billion throughout 2010.
Avenues ecommerce company has signed a direct debit agreement with State Bank of Mysore for online shopping. CCAvenue.com neutral payment gateway used by 85% of India’s retailers allow affiliated merchants to sell products and services from clothing and books to computer repair and video rentals. This arrangement with CCAvenue.com will enable State Bank of Mysore account holders to pay for any product or service sold on any CCAvenue.com affiliated merchant website directly through their State Bank of Mysore bank account. The addition of State Bank of Mysore to Avenues ever growing direct debit payment option list means that CCAvenue.com affiliated merchants will be able to reach and sell to a wider audience.
ACI Worldwide payment systems has signed a teaming agreement with Tata Consultancy Services (TCS) IT services, consulting and business solutions. This will leverage the TCS Centre of Excellence in Payments to deliver financial institutions and processors with the best combination of payments products and services to meet their specific needs. ACI Worldwide provides payments solutions for 15 Indian financial institutions, providing functions such as authentication, authorization, routing, settlement, device driving, merchant acquiring and fraud detection. This gives organizations the option of working with a service provider when deploying payment systems from ACI Worldwide.
The State Bank of India (SBI) has signed an agreement with Diebold for its ATM expansion project for State Bank Group (SBG). With this, Diebold will deploy approximately 1,000 cash dispensers (CDs), more than 600 full-function lobby ATMs and approximately 60 cash recyclers. After this expansion is complete, SBG’s total ATM network will grow to more than 28,000 terminals. This is part of SBG’s plan to support its strategic self-service expansion plan and serve its widespread customer base across India with a significant number of deployments planned in metro, urban, semi-urban, rural and remote areas including Northeast India. The ATMs and CDs are touch screen along with function keys for higher availability of the machines; have voice guidance support and Braille enablement to support the visually challenged; use ard reader with enhanced security features; and an advanced dispenser with a special feature that helps in reducing jams and errors enabling better uptime.
South Indian Bank unveiled its 500th ATM. The bank has plans to open 100 ATM Centers during the current fiscal and also 61 CBS branches to take the total to 700. With the up-gradation of technology , SIB has been offering a host of hi-tech products which enables the customers bank from anywhere. For this the Bank has launched various value-added products and services like Global Debit-cum-ATM card, Internet Banking, Mobile Banking etc. South Indian Bank’s Global ATM-Cum-Debit Cards are now acceptable in the International Network Systems of VISA and Master Card. SIB customers can access 1.7 million ATM outlets of VISA around the world, shop at various Visa authorized merchant outlets and avail all the benefits of Visa Debit-Cards. South Indian Bank’s Global ATM-Cum-Debit Cards can be also used in 8,30,000 ATMs & 7 million POS terminals.
ICICI Bank Limited (“ICICI Bank”), India’s largest private sector bank, announced the launch of Money2SriLanka (M2SL), an online remittance tracking facility in collaboration with Sampath Bank PLC. ICICI Bank has a presence in Sri Lanka through its branch office in Colombo. M2SL is a web-based online remittance tracking platform which facilitates remittances from various geographies to beneficiaries in Sri Lanka in a convenient, speedy and economical manner. This service will be piloted in Canada and the United Kingdom and will shortly be rolled out in Australia, USA, South East Asia and the Euro Zone in the second phase. ICICI Bank has been one of the leading players in the Indian remittance market and its proprietary online portal, Money2India.com is a popular service used by Non Resident Indians.
MoneyGram remittance concluded ICC Cricket World Cup 2011, launched a unique music album, “CRICKET FOR PEACE.” The “CRICKET FOR PEACE” album a popular Indian film music singer is the culmination of a three-month-long program from February – April 2011 during the ICC World Cup 2011. MoneyGram’s Cricket For Peace was a multi-country, multi-lingual initiative conducted in Bangladesh, India and Sri Lanka and attracted compositions from more than 100 bands. Cricket For Peace was a theme-based music contest that linked cricket with world peace.
Infosys shares closed down 9.59 per cent on BSE at Rs 2988.80 after the Indian outsourcing firm reported lower-than-expected fourth quarter net profit, and dragged the broader market down. Infosys Technologies Ltd , India’s No. 2 software services exporter, lagged market expectations despite a 13.7 percent rise in quarterly profit, hurt by higher expenses in a seasonally weak quarter. Infosys could move lower because clearly the results are subdued and you are sitting on a large rally.
IndusInd Bank has signed a pact to acquire Deutsche Bank AG’s Indian credit card business to help the local lender bolster its consumer banking operations by entering a new segment. The statement didn’t disclose the size of the deal, saying only that Deutsche Bank’s credit card business has about 200,000 customers. Foreign banks had rapidly expanded their loan books mainly through unsecured lending such as credit cards and personal loans because India’s central bank allots only a few branch licenses to them every year. The global downturn prompted most lenders to cut exposure to unsecured debt as bad loans mounted because of job losses and salary cuts.
SMC Networks networking solution provider has kicked off its “ATM ROUTERS,” connecting to 3G networks using an existing USB wireless modem. Targeting ATM’s and Mobile ATM’s, the Router is compatible with most modems in the market. The “ATM ROUTER” features 1-port 10/100 MB/s LAN & WAN port, high speed wireless-N access point, NAT firewall with SPI, a user friendly web-based management interface. The feature works with number of service providers like Reliance, TATA and many other eminent Teleservices. Unlike the VSAT connection, SMC ATM Routers are extremely cost-effective and also require very less time for its installation. Within few minutes the connectivity is obtained and the ATM site is ready. SMC leverages strong industry relationships in combination with experienced and talented in-house design and engineering.