21 October 2014

State Bank of India sets up merchant acquiring JV with Visa and Elavon

07 May 2010  |  8963 views  |  0 Taj Mahal

State Bank of India, the country's largest lender, is to form a merchant acquiring joint venture with US-based Elavon and Visa.

The Indian bank issued an RFP for venture partners last year and has gained approval from the central bank to establish a merchant acquiring subsidiary.

According to a statement filed with the Bombay Stock Exchange, the joint venture aims to roll out 600,000 point of sale terminals to merchant locations over the next five years.

Financial terms of the deal have not been disclosed.
KeywordsEFTPOSFINDEX

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

12 March, 2010
10 February, 2010
13 November, 2009
14 August, 2009
03 July, 2009
19 March, 2009

Related company news

 

Featured job

to £90k base + Commission + Benefits
London, UK

Find your next job