State Bank of India Ltd. soon plans to begin offering merchant-acquiring services through a new joint venture company after it finalizes how much equity each of the venture partners holds, a spokesperson for the Mumbai-based bank confirms to PaymentsSource.
Elavon Inc. and Visa Inc. are the bank’s U.S.-based partners in the joint venture called State Bank of India Payment Services. The bank announced the joint venture in May (see story).
The acquiring entity will install 150,000 point-of-sale terminals for debit and credit card acceptance across the country within the first year and deploy more than 600,000 terminals within the first five years of operations, O P Bhatt, the bank’s managing director, noted in the Economic Times, a local newspaper.
The new company will provide a full array of acquiring services, including acquiring bank identification numbers from the card schemes, deploying and managing POS terminals, and merchant training.
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