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Global Tele sets ball rolling with payment gateway - Views on News from Equitymaster
 
 
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  • Nov 30, 1999

    Global Tele sets ball rolling with payment gateway

    According to newspaper reports in a leading financial daily, Global Telesystems has set the ball rolling for e-commerce over the Internet by setting up the country's first payment gateway infrastructure.

    Global Telesystems, a predominantly telecom company, has ventured into providing software solutions.

    Global Telesystems (Global Tele) has tied up with Verifone (of Hewlett Packard group) for technology, and also with Deutsche Bank, which will act as a clearing agent for e-commerce transitions.

    A payment gateway acts as a validating agency and is a necessary middle link for large-scale e-commerce as it dramatically speeds up payments for goods/service providers.

    Tata Engineering & Locomotive Co. (TELCO) Tata Finance and TELCO dealers will be among the first ones to conduct business over the net using Global Tele's secured payment gateway systems. The company is now trying to market this service to several corporates.

    Development of the payment system serve to indicate that e-commerce is set to take off in the country. In developed markets like the US, on-line transactions (in particular business-to-business) worth billions of dollars take place annually, and this will increase manifold over the years. India can witness a glimpse of that over the next few months. Although it will be a miniscule percentage of what the US is witnessing right now, it will mark a beginning nevertheless.

    Internet usage in India is really low (approximately 350,000 subscriptions as on 1HFY2000). Moreover, Indian corporates have very low awareness level about the Internet. So it will still be a while before business-to-business e-commerce takes off in a big way in the country. But Internet usage is expected to grow at an explosive growth over the short term. As more vendors/suppliers and customers get on the Internet, corporates will have no choice but transact on-line. Corporates who stick to the traditional way of doing business will be left behind.

     

     

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