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Ecommerce

SBI, Elavon and Visa partner for merchant acquiring joint venture in India

Monday 10 May 2010 | 10:06 AM CET

Indian financial services provider the State Bank of India (SBI) has entered an agreement with US provider of merchant acquiring services Elavon and Visa to launch a merchant acquiring joint venture, online news outlet economictimes.indiatimes.com reports.

According to the same source, SBI has already received approval from RBI, India’s central banking authority, to establish a wholly owned subsidiary in order to carry out merchant acquiring activities. The business is expected to include acquiring bank identification numbers (BINs) from the schemes, as well as managing services for point of sale (PoS) terminals, the same report indicates.

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