Bank of India is looking to acquire more than 100,000 point-of-sale terminals this year as part of its POS-network expansion drive, an official from the Mumbai-based financial institution tells PaymentsSource.
“We have already floated a request for proposal …,” says the official, who wishes to remain anonymous. “We have already acquired 25,000 POS terminals in the past year.”
According to a news report in local business daily The Economic Times, the four vendors competing to provide the terminals include Venture Infotech Global Pvt. Ltd., Fidelity International Ltd., Financial Software Services Ltd. and the Tata group. The Bank of India official could not confirm the report.
Bank of India has approximately 170,000 cardholders, approximately 75% of whom use their cards for purchasing.
Meanwhile, Mumbai-based State Bank of India is also talking to vendors to set up a joint-venture company that would acquire 50,000 POS terminals this year, the Economic Times reports. However, a bank spokesperson declined to confirm the report.
