Union Bank of India Ltd. has signed an agreement with electronic payment services provider ElectraCard Services Pvt. Ltd. to set up an online payment gateway to help strengthen its presence in electronic payments.
Called ElectraEcomm, the gateway will process credit and debit card payments from international payment processing networks and in multiple currencies, the Mumbai-based bank said in a July 13 statement.
The gateway will provide transaction acquiring and processing interfaces to online merchants, retail customers, electronic funds transfer switches and acquirer networks, the bank said.
Under the agreement, ElectraCard will host the payment gateway and merchant-management systems through its data center in Mumbai and will provide the bank with ElectraSecure, a service that supports secure online transactions.
ElectraCard is a subsidiary of Opus Software Solutions Pvt. Ltd. and is a certified third-party processor for MasterCard Worldwide and Visa Inc. MasterCard holds a 12.5% stake in the company.
Earlier this year, ElectraCard started providing Mumbai-based IndusInd Bank Ltd. a suite of card and e-commerce services after the bank acquired Deutsche Bank’s India card portfolio (
Both the bank and the provider declined to comment beyond the statement.
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