Jan 28, 2000|
ICICI ties up with Compaq for payment gateway
Close on the heels of finalising its plans to get into internet trading, ICICI has tied up with Compaq Computers Corporation for setting up a payment gateway to facilitate secured online business-to-consumer (B2C) and business-to-business (B2B) e-commerce. ICICI will be one of the first few financial intermediaries to implement an e-commerce gateway.
ICICI is India's second largest institution, with a major presence in almost all areas of finance. The company has an asset base of Rs 585 bn.
The payment gateway will be owned by a subsidiary of ICICI and will be implemented by Compaq Computers Corporation. This plan of ICICI will help in serving its customers, corporates, merchants, and banks that plan to share ICICI's payment gateway. This is a positive step that ICICI is taking as the future lies in the internet. Recently HDFC Bank announced its decision to enter into e-commerce and has tied up with Singapore Telecom for this. ICICI Bank and Satyam Infoway have recently entered into a joint venture for the online distribution of retail banking products on the internet. These two banks are very aggressive on their internet plans.
This type of finance/banking will help ICICI increase its reach in both the wholesale as well as retail segments and also provide convenience to its customers and corporates. They will be able to provide everything from credit cards, housing loans, consumer loans to project finance on the internet. There are currently 2 m internet users in India, this is growing at a very fast pace of 25%-30% per annum. As the internet is the most convenient and efficient mode those players in both the banking and financial sectors who have opted to use this will be able to increase profitability and efficiency faster than those who take time to finalise their plans. The key to future growth in both the banking and finance sector will depend on their ability to use technology and the net to their best advantage.
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