India’s IndusInd Bank Ltd.’s credit card program has begun receiving various additional services besides transaction processing under an agreement with India-based payments processor ElectraCard Services Pvt. Ltd.
ElectraCard on June 1 started providing IndusInd a card-management service called electraCredit, a fraud-management engine called electraGuard, its electraCollect collection service, and an e-commerce fraud-prevention product called electraSecure, the companies announced in June 2 news release.
IndusInd Bank entered the credit card market by acquiring Deutsche Bank’s card business in India (
PaymentsSource contacted both parties, but they were unwilling to comment beyond the release. Financial terms of the deal were not disclosed.
In January, ElectraCard, a unit of Opus Software Solutions Pvt. Ltd., expanded its operations to the U.S. by establishing an office in Omaha, Neb. (
ElectraCard is a certified third-party processor for MasterCard Worldwide and Visa Inc. MasterCard holds a 12.5% stake in the company.
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