ICICI Bank and First Data have formed a merchant acquiring alliance named ICICI Merchant Services which has acquired ICICI Banks merchant acquiring portfolio. The transaction was completed on 22 December 2009. 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.
ICICI Merchant Services, which is owned 81% by First Data and 19% by ICICI Bank, will build on the banks existing acquiring portfolio of approximately 150,000 merchants- Over time, ICICI Merchant Services expects to deliver an enhanced suite of card acquiring services to these and to new merchants. ICICI Bank will continue to act as a settlement banker for the merchants.
Source :www.biginfotech.in
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