SBI forms Joint Venture for its POS terminals

Country’s largest Bank, State Bank of India has decided to form joint venture for its POS terminals. It has selected a consortium of Visa International and Elavon as its partners for this joint venture. In this joint venture SBI will set up around six lakh point of sales (POS) terminals in the country.

The POS terminal will help the SBI customers to pay through their credit and debit cards instantly. There will be swipe machines for registering such card payments. However, the Bank has not disclosed the financial aspects of the deal.

Previous year the largest private sector lender of the country ICICI Bank has also sold its Point Of Sales terminal networks to a firm named First Data Corporation. From this deal ICICI Bank had received $80 million i.e. around Rs 365 crore from the firm.

Now SBI is keen on setting up its own POS terminal venturing with other firms. This incorporation is expected to enhance the payment service of the bank and likely to come up for its customers soon.