06 February 2016

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

07 May 2010  |  9406 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

 

Top topics

Most viewed Most shared
Fintech rising: Resistance is futile, says...
9718 views comments | 47 tweets | 38 linkedin
Digital transformation driving earnings at...
8404 views comments | 41 tweets | 35 linkedin
ECB eyes up European P2P payments
7462 views comments | 27 tweets | 37 linkedin
Visa opens up to developers
6447 views comments | 23 tweets | 40 linkedin
Mondo releases API to let customers play w...
5806 views comments | 23 tweets | 21 linkedin

Featured job

to $120K base, double OTE, benefits
New York City, NY or Boston, MA (USA)

Find your next job