icici merchant services

7/30/2019 ICICI Merchant Services

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ICICI Merchant Services

ICICI Bank, India's largest private sector bank, and First Data, a global leader in electronic

commerce and payment services, have formed a merchant acquiring alliance named ICICI

Merchant Services which has acquired ICICI Bank's merchant acquiring portfolio. The

venture brings together one of India's largest merchant portfolios, representing approximately

30% of the current Indian acquiring market, and a leading acquirer and payment services

provider with global expertise. Over time, ICICI Merchant Services expects to deliver an

enhanced suite of card acquiring services to existing and to new merchants.

ICICI Bank is India's second largest bank with over 2,000 branches across the country. First

Data, a KKR company, provides payment processing services for 5.3 million merchant

locations globally and serves customers in 36 countries around the world. First Data's

services include offering merchants the ability to view and interrogate their payment

transactions securely via the internet while benefiting from loyalty, prepaid and market-

leading e-commerce solutions based upon advanced processing technologies

About ICICI Bank:

ICICI Bank Ltd (NYSE:IBN) is India's largest private sector bank and the second largest

bank in the country with consolidated total assets of about US$ 102 billion as of September

30, 2009. The ICICI Group has leadership positions across the financial services sector,

including insurance, securities brokerage, asset management and private equity.

About First Data

First Data, a KKR company, powers the global economy by making it easy, fast and secure

for people and businesses to buy goods and services using virtually any form of electronic

payment. Whether the choice of payment is a gift card, a credit or debit card or a check, First

Data securely processes the transaction and harnesses the power of the data to deliver

intelligence and insight for millions of merchant locations and thousands of card issuers in 36

countries. For more information, visitwww.firstdata.com
http://www.firstdata.com/http://www.firstdata.com/http://www.firstdata.com/http://www.firstdata.com/


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State Bank of India ends visa JV for merchant acquiring business

MUMBAI: State Bank of India, the country's largest bank, has called off its plans to set up a

joint venture with Visa Inc and Elavon Inc to enter the merchant acquiring business over

differences on sharing technology.

The joint venture between SBI Payment Services, the wholly-owned subsidiary of SBI, and

Visa Inc and Elavon Inc was proposed in May 2010. "The State Bank of India has informed

the BSE (Bombay Stock Exchange) that the bank has since cancelled the negotiations for

establishing a joint venture entity with Visa Inc and Elavon Inc for conducting the merchant

acquiring business," the bank said.

"The board formally decided to call off the joint venture negotiations as Visa did not want to

share technology expertise in building the business," a senior SBI official said. "The State

Bank of India wanted to build the technology in house," the official said, not wanting to be

named. An email sent to Visa did not elicit any response.

Currently, private sector banks like ICICI Bank, HDFC Bank and Axis Bank are the big

players in the merchant acquisition space. ICICI Bank has floated a subsidiary, ICICIMerchant Services (IMS), a joint venture between ICICI Bank and First Data, an electronic

commerce and payment services, for the purpose.

"This is a capital intensive business as you need to invest in building new technology to meet

merchant requirements," said Amrish Rau, vice-president and country manager for First Data

Corporation ( FDC). "The cost considerations are high as you have to penetrate into new

cities and villages."

The merchant point-of-sale, or PoS, terminals in India have increased by 21% in the financial

year 2010-11 as against the 12% recorded in the financial year 2009-10, said an Atos

Worldline Industry Survey on the Indian Payment Card Industry in 2011. The number of PoS

terminals in the country at the end of March 2011 was over 576,550.


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Axis Bank tops the chart with 1,83,000 terminals, constituting a 32% market share. ICICI

Bank is a close second with 1,80,000 terminals and a market share of 31%, followed by

HDFC Bank, which has a market share of 21% with 120,000 terminals. The top-three banks

make up for over 80% of the market.

SBI, officially known as the State Bank of India came into being in the nineteenth century

with the establishment of the Bank of Calcutta, which after a shortwhile was renamed as

Bank of Bengal in 1809. The Bank of Bengal, Bank of Madras and Bank of Bombay which

finally merged into the Imperial Bank of India are the forerunners of the modern State Bank

of India. After the independence of India, need was felt for the development of the rural areas

of the country. As all the private banks were catering to the urban population, there was a

need for a state owned bank which irrespective of its profit serve the rural population of

India. In lieu with this an act was passed in May 1955 and on 1st July 1955, State Bank of

India came into being by the merger of Imperial bank of India along with other state owned

and state associated banks. Since then the bank has been a premier in terms of balance sheet

size, number of branches, market capitalization and profits.

With more than ten thousand branches, 6500+ branches of its associate banks and around

8500 ATMs, SBI has an extensive network across the country. It is the only bank of India tohave got a place in top 100 banks of world in Fortune Global 500 rating.

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