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December 5, 2013

Axis Bank plans to sell swipe, Payment business: Reports

India-based Axis Bank is, reportedly, planning to sell its network of more than 200,000 credit and debit card swipe machines business.

By Verdict Staff

India-based Axis Bank is, reportedly, planning to sell its network of more than 200,000 credit and debit card swipe machines business

Three payment processing firms Global Payments, WorldPay and Total System Services (TSYS) are likely to place their bids to acquire the bank’s swipe machine business, The Economic Times has reported.

Sources familiar with the matter were quoted by the news agency as saying that Axis Bank’s debit card swipe machines business was valued at approximately $200m.

The POS terminals have been designed to facilitate cashless shopping transactions by swiping credit or debit cards, enabling merchants to reduce risks and costs in handling cash.

In the last few years, domestic card payments have registered a steep increase, after India’s central bank, Reserve Bank of India, mandated the banks to issue debit cards to all account holders and expand the network of merchants to increase card acceptance.

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