Fifth Third Bank Issues World Debit MasterCard to Bring Enhanced ...

Forward
vSEPTEMBER-OCTOBER 2009 vISSUE 108
Editor's Desk
The Indian banking system has
come a long way, particularly
during the last couple of decades
and continues to evolve in a
myriad of ways. While, no doubt,
the future contours of the Indian
banking would be shaped and
driven by a variety of factors, the
developments in the payment
and settlement systems would be
of particular significance.
This is so since the payment and
settlement systems are part of
the basic infrastructure needed
for the proper functioning of
market-oriented economies.
They are indispensable for the
efficient flow of payments for
goods, services and financial
assets and their smooth
functioning is crucial for the
effective implementation of the
central bank's monetary policy
and for maintaining the financial
and monetary stability in the
economy.
The Reserve Bank of India has
recognized the payment and
settlement systems to be
critically important for the
broadening and deepening of the
financial markets, as also for
maintaining confidence in the
financial system by enhancing
the safety, soundness and
efficiency of the market
infrastructure.
In India, there is strong need to
f o c u s o n e x p a n d i n g t h e
geographical reach of the
electronic payment services so
as to include the segments of the
population not yet touched by it. It
is difficult to achieve financial
inclusion without encompassing
rural-India in the payment system
out-reach and the banks that do
so first, will reap the rewards of
the 'first mover advantage' in
terms of higher market share,
with the concomitant increase in
business and revenues.
India has made phenomenal
progress in enhancing the reach
and improving the efficiency of
the national payment system – in
which the Reserve Bank and the
banking system have been equal
partners. Creating a world-class
payment system in the country is
a long, arduous but an exciting
journey for us.
2 3
wAxis
Bank targets 13 Million card users by
the end of FY10
wEra
of free inter-bank ATM usage over
wCentral
Bank launches Gift Card
wBanks
may cut credit card rates
wDebit
card payments rise over 40% in 5 months
wITBP's
double ATM cards for jawans & families
Venture Infotek's Annual Customer Event
'Payment Summit' A Hit Amongst Bankers!
Venture Infotek, India's premier Real-time, titled 'A new way to
T r a n s a c t i o n M a n a g e m e n t pay'.
company, has always endeavored
to ensure that the industry players
are kept abreast of the latest
happenings in the world of
Payments. As a step towards the
same, Venture Infotek organized
India's exclusive event for bankers -
Payment Summit on September 4,
2009 at Mayfair Banquets, Mumbai.
Expert speakers comprising of
members from the Venture Infotek
management team and industry
professionals presented their views
an update on PoS terminals. Mr.
Pravin Kabra - Senior Vice
President - Operations, Venture
Infotek, made a presentation on
'Best Practices in Service
Delivery - Acquiring'.
The next session on Cards began
with Mr. Bertram D'Souza, Assistant
Vice President - Products and
Solutions Group, Venture Infotek
talking about 'Credit Card Issuing
- Maintaining a stable portfolio'.
'Debit Cards - End to end
solution' was presented by Mr. SR
Vijay Kumar, Vice President,
Venture Infotek. Mr. Aaditya
Paranjpe, Assistant Vice President -
Strategy, Venture Infotek, gave his
presentation on 'Pre-paid - Travel
on a wide range of topics related to The session on Compliance Money - A must have in your
the Card Industry, including: Requirements was next and Mr. P. portfolio', while Mr. Alstair Gordon,
• Payment Card Industry
Overview, Key trends, Global
and Domestic developments
Ravindra, General Manager - Risk
Management & Compliance,
Venture Infotek, delivered his
Managing Director, Value Access,
presented on 'Gift Cards - A
double whammy'.
• Merchant Acquiring Business
PoS Terminals - New features,
VAS, Profitability driver
• Credit Card, Debit Card and
Prepaid Cards
Building scale, Managing
growth, Card Bureau Innovation
and Retaining customer loyalty
• Leveraging Technology
Analytics, Risk management,
ERP, Disaster recovery and
Business continuity, New
"Kool Technologies"
(L to R: Mr. Piyush Khaitan, Vice-Chairman & Managing Director,
Venture Infotek and Mr. Dhruv Khaitan, Chairman, Venture Infotek
addressing the audience at the 'Payment Summit')
The summit had a prompt start with
the Welcome Address given by Mr. presentation 'Better safe than Mr. Amit Deshmukh, Deputy
Piyush Khaitan, Vice-Chairman and sorry', followed by Mr. Bipin Toro, General Manager - Cards and
Managing Director, Venture Infotek, Country Manager, Enstage, talking Fulfillment, Venture Infotek, was
followed by the Key Note Address about 'Internet Payments and next in turn to present 'Card
delivered by Mr. Dhruv Khaitan, Identity Management - Security Personalization - An ERP
Chairman, Venture Infotek, both and Convenience'. Mr. Sudip approach' and Venture Infotek's
sharing their views on the growing Kumar, Executive Vice President - ' D y n a m y x - B u s i n e s s
importance and benefits of e- Transaction Processing, Venture Intelligence Suite' was presented
Payments in India.
Infotek, covered a session on by Mr. N Pramod, Assistant Vice
' B u s i n e s s g r o w t h a n d President, Technology Assimilation,
The next session had Mr. R. M.
profitability drivers - The cutting Venture Infotek.
Bondre, Sr. Vice President & CIO,
edge'.
Venture Infotek, speaking on Mr. B Ravi Kumar, Senior Vice
'Infrastructure - Building for Mr. GRG Gupta, General Manager - President - Corporate Affairs &
tomorrow', while Mr. Satish Rao, Merchant Business, Venture CFO, Venture Infotek, with his Vote
General Manager - Technology, Infotek, educated the audience of Thanks aptly concluded the
Venture Infotek gave a presentation about Venture Infotek's Dynamic power-packed seminar.
on 'Leveraging on Technology'. Currency Conversion solution -
Exchange Plus. This was followed
Next up was Mr. Gulshan Pruthi,
To know more, please contact
by a presentation from Mr. Phillipe
General Manager - Customer Mr. Sammer Parekh,
Bontemps, Vice President - GM – Sales & Marketing
Service, Venture Infotek, who gave
Business Development, Welcome at sammer.parekh@ventureinfotek.com
wFifth Third Bank Issues World Debit MasterCard to Bring
wBanks urged to promote financial inclusion for growth Enhanced Value to Customers' Everyday Spending
wDefault on one credit card, they'll block all 4wAmerican Express Helps Charge Card Members Take
wNow, a prepaid card for groceries, bus tickets
Control Of Finances With Launch Of Online Money Manager
wCredit card holders to appeal
wRBS Changes CC Policy
wIssuance of credit card sans consent to attract wVisa Report Shows Higher Interest in South Africa as a
penalty
Tourist Destination
wCorporation Bank rolls out Visa gift card
wDiners Club International® Signs Merchant Acquiring
Contract with Elavon

2 Indian Card Bulletin
NATIONAL NEWS
Axis Bank targets 13 Million card Banks may cut credit card rates
users by the end of FY10
Despite challenging market card business, Khosla said. Many
conditions, leading private sector banks had seen a sharp rise in
lender, Axis Bank, has decided to NPAs on unsecured loans over the
step up its credit and debit card past one year, prompting them to
base to over 13 million (1.3 crore) bring down or wind up the exposure
by the end of this financial year, a to such credits.
top official said. "There was a pressure on credit
"We expect to add 24 lakh new card-business last year (on
cardholders this year. This would account of defaults). My feeling is
take the total card-base to around that banks are going slow on credit
1.34 crore. There is cards and now
a healthy demand focusing on debit
f o r c a r d - b a s e d card business,"
banking products in the market," Khosla said. Axis bank is also
Anuj Khosla, vice-president (retail offering prepaid cards to retail
financial services) of Axis Bank, customers and point of sale (POS)
said. The bank has so far issued terminals to its merchant clients,
1.1 crore cards, out of which credit Khosla said.
cards constituted 5.5 lakh and the The bank has set up around 1.3
rest were debit cards. lakh PoS terminals pan-India at
The bank is implementing an present, while nearly 70 per cent of
aggressive strategy to grow its them are in tier I and tier II cities in
card-base with nearly two lakh the country, he said. Commenting
debit cards and 35,000 credit cards on the recent Reserve Bank
being added every month, Khosla directive to make additional
said. With rising number of non- authentication mandatory for cardperforming
assets (NPA) on credit based online purchases, Khosla
cards in the industry last year, said the move has helped to
banks are going slow on expanding improve confidence of clients by
their credit card-base and are ensuring more safety to such
focusing more on growing the debit transactions.
B
Era of free inter-bank ATM usage over
The short-lived era of free ATM insensitive. For others, banks have
usage has come to an end. Every decided to frame their charges
transaction carried out on another depending on the profile of the
bank's ATM will now cost an customer. HDFC Bank is allowing
account holder as much as Rs. 20 its salary account and premium
and withdrawals will face a limit of customers an unlimited number of
Rs. 10,000. free third-party ATM withdrawals,
In its fresh guidelines, the Indian while restricting savings account
Bank's Association has said that holders to five free withdrawals.
b a n k s c a n o f f e r HSBC is also waiving
s a v i n g s a c c o u n t ATM charges for its
holders five free third- high-end customers.
party withdrawals It may be noted that
every month. They RBI had allowed
can be charged from customers the free
the sixth transaction usage of inter-bank
onwards. However, A T M s f o r c a s h
the current account holders can be transactions from April 1 this year.
charged the fees from the very first However, most banks found this
transaction, varying from Rs. 18 to economically unviable. Banks
Rs. 20. complained that the number of
Sources in the banking sector say transactions had increased
that charging current account and dramatically since then, while the
no-frills account customers is a ticket size of each withdrawal had
good idea as the usage of ATMs by reduced, resulting in increased
current account holders is price- interchange expenses for banks.
Central Bank launches Gift Card
With an eye on wide range of pre- be used for online transactions as
paid card products, Central Bank of well as for mail order telephone
India announced the launch of order (MOTO) transactions
its pre-paid card w h e r e v e r
Cent Gift Card. M a s t e r c a r d i s
T h e c a r d w a s accepted. These
formally launched c a r d s c a n b e
b y G . C . loaded with any
C h a t u r v e d i , , value between Rs.
A d d i t i o n a l 5 0 0 a n d R s .
Secretary, Ministry 50,000.
of Finance. The pre-paid cards can be
The Cent Gift Card will be accepted preloaded with any value of the
in all the retail stores displaying choice of the customers and not
Mastercard Signage and can also pre-denominated with fixed values.
B
B
There is good news for the credit
card holders who are wary about
huge interest rates charged for
revolving the balance amount.
Currently, the card issuer charges
an interest in the range of about 24
to 48 per cent per annum. In the
near future, interest rates on credit
cards may decline for the
customers accepting to pay the
annual charges. Taking lead, SBI
Cards, India's second largest credit
card company, is thinking of
reducing the rale of interest on
balance payment — three per cent
per month — for their 30 lakh process of changing the credit card
subscribers.
model that would make the credit
However, to avail this, the card a valuable proposition for both
subscribers would have to pay the customers and the provider
annual charges in the range of Rs company."
500 to Rs 1,500. For the new Hit by massive defaults, ICICI
customers, SBI Cards has already Bank, the largest credit card
started charging annual fees for company in India with 33 per cent
credit cards.
market share, however has
A senior SBI Cards official, stopped expanding its credit card
however, refused to give an exact portfolio since the last one year.
timeline, but he said that the According to the spokesperson of
interest rate would be cut when ICICI Bank, "The bank's policy is to
enough number of subscribers opt reduce the exposure towards the
to pay annual fees. Mr Diwakar unsecured credit segment. Hence
Gupta, the chief executive officer of the bank is not looking to increase
SBI Cards, said: "We are in the its credit card subscriber base."
Debit card payments rise over 40%
in 5 months
Indicating a spurt in economic s u r g e c o m p a r e d t o t h e
activities, payments made through corresponding period a year ago.
debit cards rose over 40 per cent to In the comparable period, the same
Rs 9,911 crore in the first five stood at Rs 7,017 crore. "The rise in
months of this fiscal over the year- debit card payment is due to rise in
ago period. economic activities. These are on
With the global expected lines
f i n a n c i a l as there are
condition slowly s i g n s o f
stabilizing, there recovery," said
are signs of the an economist
d o m e s t i c with a leading
e c o n o m y b a n k o n
recovering and c o n d i t i o n o f
growing at a anonymity.
faster pace now. On the other
Data available hand, credit card
with Reserve Bank shows that transactions in the country has
debit card payments touched Rs slumped by more than 12 per cent
9,911 crore for the five months in the first five months of this fiscal
ended August, an over 40 per cent to Rs 24,427 crore B
ITBP's double ATM cards for
jawans & families
The biggest worry for jawans problem. Srivastava said that the
stationed at high-altitude outposts I T B P w a s e l e c t r o n i c a l l y
on the Sino-Indian border, which is transferring the salaries of 23,000
inaccessible several jawans directly into
months during the their State Bank of
year, is how to I n d i a a c c o u n t s .
access their salaries Double ATM cards
and send money have been issued to
home. each personnel so
Indo-Tibetan Border that his family back
P o l i c e ( I T B P ) home can also access
director General the salary. The welfare
Vikram Srivastava said a solution initiative covers almost all ITBP
has been worked out to this men posted at the border outposts.
B
B

3 Indian Card Bulletin
NATIONAL NEWS
Banks urged to promote financial Credit card holders to appeal
T h e C r e d i t C a r d H o l d e r s reforms, levying unauthorised
inclusion for growth
Reserve Bank of India (RBI) of banking services among the
D e p u t y G o v e r n o r K . C . poor in both urban and rural areas.
Chakrabarty has urged banks to "Even though four crore no-frills
promote financial inclusion to accounts have been opened by
ensure "that everybody banks, people still have to
participates in the growth travel long distances and
process". Referring to spend a great deal of
the fact that only 31.000 time to operate their
villages, out of about accounts," he pointed
seven lakh villages in out. Dr. Chakrabarty
the country, are serviced s a i d t h e b a n k i n g
b y a b a n k , D r . correspondent mod el
Chakrabarty said the would not have been
availability of technological possible without technological
solutions now offered the innovation, enabling servicing of
possibility of enhancing the reach clients in remote areas.
B
Default on one credit card, they'll block all
Customers having multiple credit available to the card member under
cards will now not be allowed the all other ICICI Bank's card
luxury of using either in case they accounts as well as withdraw such
default on making payments for privileges/ benefits as made under
either one, thanks to stringent all such cards, till such time the
measures being adopted by the defaulting card account is
banks. As per the prevalent regularized by the card member.
practice, banks are blocking only
that card on which
there is a payment
default and the other
cards held by the
customer are not touched.
However, the
banks have now revised their credit
card terms and condi tions,
pursuant to which all the cards
would be blocked if there is a
payment default on even one.
"The card member agrees and
acknowledges that
ICICI Bank shall not
be required to provide
any additional notice
for the above," as per
the revised terms. In
their constant pursuit of recovering
dues from credit card customers,
banks recently also empowered
themselves with a tool that allows
them to ask employers to deduct
ICICI Bank has already informed its the outstanding amount from the
customers about the change, salary.
which came into effect from
October 5 '09, while other banks
will soon follow the suit. As per the
new terms, if a customer holds two
or more cards and defaults in
making payments in one of the card
accounts, ICICI Bank is authorized
to block the credit limit as made
Employees who may ha ve
defaulted on payment cannot
object to this deduction of dues at
source, according to the new
clause. Such deductions will be
remitted to the bank and will
continue till the entire dues are
recovered.
B
Now, a prepaid card for groceries,
bus tickets
Hassle-free banking has now card would be introduced in 500
r e a c h e d m e m b e r s o f s h o p s a c r o s s To n d i a r p e t ,
underprivileged families with the Washermanpet, Royapuram and
launch of the Commonwealth Thiruvottriyur in North Chennai.
Card,' a multi-purpose, "We want to extend this
prepaid card that can be to the entire city and
used for payments and then across the state.
ATM transactions. We are looking at
Launched by former reaching a target of 20
president APJ Abdul m i l l i o n c a r d s a n d
Kalam, the card is being 2,40,00 customer touch
b r o u g h t o u t a s a points by March, 2012,"
collaboration between he said. Card holders
R e p c o B a n k a n d c o u l d d e p o s i t a
C o m m o n w e a l t h minimum amount of Rs
Microfinance (India) 90 to complete their
Limited. According to Mahesh purchases at shops which accept
Ramachandran, managing director these cards and also transfer
a n d C E O , C o m m o n w e a l t h amounts from one card holder to
Microfinance (India) Limited, this the number.
B
Association has decided to submit charges like hidden charges and
a memorandum to the Governor, penalties, ensuring uniformity in
Reserve Bank of India, Finance debiting ECS, registration of terms,
Minister and the Chairman of the conditions and scrutiny, stoppage
Indian Banks Association seeking of filing of false criminal charges
immediate intervention from RBI in against customers, need for
various aspects. exclusion of housing loans and
The memorandum appealed for other loans below Rs 25 lakh from
the following: Fixing of a ceiling of the purview of Securitization Act
atleast 18 per cent per annum on
the maximum rate of interest as
was done before the economic
and a curb on hiring private
agencies for recovery and
repossession of property.
B
Issuance of credit card sans
consent to attract penalty
Issuance of credit card sans floating rate of interest, he will be
consent to attract penalty informed of the reference rate to
The Banking Codes and Standards which his floating rate is anchored
Board of India (BCSBI), set up by
the Reserve Bank of India (RBI),
made it mandatory for banks to
disclose terms and conditions
relating to cheque collection,
collection of dues and grievance
redressal to customers. It asked
banks to compensate
customers in case a
credit card is issued
without consent.
and the bank will have to disclose,
on its website, changes in such
reference rate as and when they
take place. KC Chakrabarty,
deputy governor, RBI, said the
regulator has a responsibility to
ensure customer complaints are
r e d r e s s e d a s t h e
banking system is not a
h i g h l y - c o m p e t i t i v e
market place.
“Banks need to disclose
BCSBI commenced
minimum interest clause,
c r e d i t c o u n s e l i n g
reset clause, all charges
s e r v i c e s f r o m i t s
at the time of offering loan BCSBI
premises in Mumbai
products and convey the most from October 1, 2009. “The
important terms and conditions services will be free of cost to any
(MITC) for credit cards and loans,” retail borrower and customers of
said K.J. Udeshi, chairman of the member banks. Borrowers may
BCSBI. The new norms have been directly approach the centre.
made with the collaboration with M e m b e r b a n k s m a y a l s o
RBI, banks and Indian Banks' encourage borrowers, who, in their
Association (IBA).
opinion, need credit counseling to
The board has clearly said if a
approach the centre,” the revised
customer has borrowed against a
banking code said.
B
Corporation Bank rolls out Visa gift card
It is a prepaid plastic card, an times till the amount is exhausted.
alternative to cash, gift vouchers The validity of the card will be for
and gift articles. It will work just like one year; hence it can be ordered
the bank's debit first, and then gifted
c a r d a s t h e any time during the
cardholder can pay validity, to meet
for all types of u n f o r e s e e n
purchases using the card. It can be contingency. The spending of the
used across the country in about cardholder can be timed to his
five lakh Visa merchant locations. needs, said a press release. The
The card will be a panacea for all card can be issued for a minimum
the cash disbursal issues. It can be
used at multiple outlets, multiple
of Rs 1000 and to a maximum of
Rs 5,000.
B

Fifth Third Bank Issues World Debit
MasterCard to Bring Enhanced Value
to Customers' Everyday Spending
MasterCard Worldwide has premium value combined with
announced that Fifth Third Bank strong rewards specifically
will now be issuing the World matching their payment needs.”
Debit MasterCard® card, the W o r l d D e b i t M a s t e r C a r d
industry's only premium debit card cardholders are eligible for
that provides U.S. consumers with exclusive rewards offerings,
access to enhanced rewards, including an exceptional rewards
unique offers and savings p o i n t p r o g r a m , a n d
opportunities and greater premium access to the
purchase protection. By MasterCard Savings
offering World Debit program, an innovative
M a s t e r C a r d t o i t s savings program that
customers, Fifth Third provides U. S. consumer debit and
Bank is now providing a custom-
NEWS FROM ABROAD
prepaid MasterCard cardholders
tailored debit product that meets
with significant merchant-funded
the unique, everyday spending
discounts and special offers from
needs of its high-spend and
thousands of merchants across the
reward-seeking debit cardholders.
country. In addition, they can enjoy
“The Fifth Third Bank World Debit
enhanced built-in security features
M a s t e r C a r d p r o v i d e s o u r
and consumer protections for
customers with a premium
greater peace of mind when
payment product that features a
rich mix of relevant rewards,
shopping. The Fifth Third Bank
World Debit MasterCard also
security, protection, financial
features access to Priceless.com/
control, and exceptional customer
service,” said Jon Groch, Fifth World, through which cardholders
Third Bank director of Bankcard gain unique access to events and
Services. “This enhancement to games and can take advantage of
our card program will help ensure exclusive opportunities for hotels,
that our cardholders enjoy added shopping and travel.
American Express Helps Charge Card
Members Take Control Of Finances
With Launch Of Online Money Manager
American Express announced the save smarter.
launch of Money Manager, a new, “In today's economy, consumers
free online personal finance are looking to gain greater control
service that helps charge
over their money and to
card members manage
get a clearer picture of
t h e i r f i n a n c e s a n d
where their money is
rewards accounts in one,
going each month," said
easy-to-access and
Robin Korn, senior vice
secure location on
president and general
AmericanExpress.com.
manager, Consumer
Charge Card members now can Charge Group, American Express.
link bank accounts, credit cards, "Money Manager addresses these
investment accounts, mortgage needs and provides an easy, one-
loans, car loans, student loans and stop solution for those concerned
rewards points from more than about the time commitment
11,000 institutions all in one place involved in managing their
through Money Manager so that budgets."
they can spot ways to spend and
B
RBS Changes CC Policy
Some might think a major UK credit applications to only include RBS's
card provider and prominent bank existing bank customers. The main
is taking a bold step with its new purpose for setting the new rigid
l e n d i n g p o l i c y, g u i d e l i n e s i s t o
however, from a reduce risk of credit
m a r k e t i n g card defaults in the
standpoint, it could wake of a weak
be an ingenious economy. RBS which
move. participated in the U.K.'s central
The Royal Bank of Scotland (RBS) bank's bailout program last year to
announced its new credit card help ride out the shaky economy
l e n d i n g p o l i c y t h a t l i m i t s has yet to repay the loan.
B
4 Indian Card Bulletin
Visa Report Shows Higher
Interest in South Africa as a
Tourist Destination
As South Africa prepares for the European and American travellers
2 0 1 0 F I FA Wo r l d C u p T M , is consistent with key trends in Visa
international travelers are already card spending; in 2008, nearly half
indicating a desire to visit the of transaction volume from
Republic. Both international international visitors to South Africa
a r r i v a l s a n d s p e n d i n g b y w a s f r o m U . S . a n d U . K .
international Visa cardholders cardholders who contributed over
were up last year $812 million to the
compared with the S o u t h A f r i c a n
year prior. In 2008, economy. Germany,
i n t e r n a t i o n a l F r a n c e a n d
arrivals increased A u s t r a l i a w e r e
5.5 percent with 9.5 s i g n i f i c a n t
million visitors compared to 9.1 contributors to South Africa
million in 2007. Visa Inc. (NYSE: V) inbound tourism in 2008 as well as
issued its Tourism Outlook: South in 2007.
Africa, a new report highlighting
international Visa cardholder
spending in South Africa.
In 2009, these trends are
continuing. Through the first
quarter of 2009, international Visa
In 2008, the Visa network saw cardholders spent approximately
increased transaction volume and $500 million in South Africa, which
total number of transactions by is roughly equal to spending over
international visitors in South the same period last year. While
Africa. More than 13 million South Africa has been a popular
transactions were made by African tourism destination of late,
international visitors on their Visa traveler interest in the nation has
cards, up 11 percent from 2007 and increased as the kickoff date of the
representing $1.8 billion in tourism 2 0 1 0 F I FA W o r l d C u p T M
revenues. The prevalence of approaches.
®
Diners Club International Signs Merchant
B B
Acquiring Contract with Elavon
Diners Club International® Ltd., a U.K. and western Europe.
business unit of Discover (NYSE:
DFS), and Elavon, a wholly-owned
subsidiary of U.S. Bancorp (NYSE:
USB), announced the signing of a
m e r c h a n t
a c q u i r i n g
agreement. Under
the terms of the
agreement, Elavon will add Diners
Club card acceptance to its
portfolio of payment processing
services. This relationship will
c r e a t e m o r e a c c e p t a n c e
opportunities for Diners Club and
Discover card members, who
eventually will be able to use their
Elavon will provide consolidated
p r i c i n g , u n d e r w r i t i n g , r i s k
m a n a g e m e n t , p r o c e s s i n g ,
settlement, support and reporting
to its merchants,
s i m p l i f y i n g
p a y m e n t s
processing by
second quarter 2010. Merchants
such as restaurants, hotels, rail
transport and specialty shops will
receive an easy, cost-effective, all-
in-one payment processing solution
with the convenience of a single
source for statements, settlement
cards at Elavon merchants in the and customer service.
• Indian Card Bulletin is an Industry Newsletter for private circulation to
opinion leaders within the consumer payment systems industry only.
• We do not accept any responsibility or liability for the accuracy or
contents of the newsletter. These are reports based on public information.
FEEDBACK
Readers may please send their
suggestions / news articles / letters to:
Chetan D'Souza, Asst. Editor - Indian Card Bulletin,
Venture Infotek Global Private Limited,
701, Interface 11, Malad (West), Mumbai 400 064. India.
• Tel.: +91 22 4042 4039 • Fax: +91 22 4042 4401
• E-mail: chetan.dsouza@ventureinfotek.com
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To subscribe a copy for your colleagues, please contact Mr. Chetan D'Souza.
E-mail: chetan.dsouza@ventureinfotek.com
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