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Global Tele set to unveil payment gateway - Views on News from Equitymaster
 
 
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  • Feb 21, 2000

    Global Tele set to unveil payment gateway

    Global Tele-systems (GTL) is to put in place a payment gateway infrastructure, which would enable online inter-bank fund transfer, within a fortnight. The company has signed up with HDFC Bank, Citibank, Dena Bank, Deutsche Bank and six more banks are expected to tie-up by March end.

    GTL has traditionally been a ‘solutions provider’ and subscriber equipment vendor. While the former’s stake has increased to 70% (on the back of increased business from telecom infrastructure projects) the latter contributes around 3% to the company’s revenues. The company has plans to acquire companies in software and e-commerce segments.

    It is important that as many nationalised banks tie up with the company since that could be an important factor leading to the success of the gateway set up by GTL. This is because a majority of customers are still with the nationalised banks. However, there could be a problem since that requires inter-branch connectivity and most banks are way behind on this front.

    This could also require a restructuring within the banks itself including a shutting down of unviable branches. This could be one reason why the State Bank (which has over 9,000 branches) has opted out of participation for this gateway.

    Interestingly ICICI Bank has planned a parallel payment gateway but one is not sure whether other banks would prefer to transact via a gateway owned by a fellow banker. Besides, HDFC Bank also has plans for setting up a gateway and it has tied up with Singtel and Sesami.com for this purpose. Nonetheless, this offers a lucrative opportunity since e-commerce is still at a nascent stage in India.

     

     

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