First Data, a US-based payment technology solutions company, has expanded its agreement with SBI Card, an arm of State Bank of India (SBI), to provide card processing services in India.
As per terms of the agreement, SBI will use the latest version of First Data’s card management solutions powered by its VisionPLUS software. VisionPLUS provides service-oriented core architecture capabilities and open APIs for faster application development and integration.
In a bid to support the collaboration, First Data has agreed to operate a new data centre facility in India.
Commenting on the agreement, First Data executive vice president and head of Asia Pacific Ivo Distelbrink said: “As India continues its path towards demonetisation, the country remains an important market for us, and we are uniquely positioned as a leader of both card issuance and acquiring solutions in India, driving innovation with mobile and digital solutions.
“First Data is committed to investing in and expanding our business in India, responding to the increasing need for robust, secure and flexible solutions for cardholders, and enabling clients like SBI Card to maintain a competitive edge in the market.”
SBI Card CEO Vijay Jasuja said: “We are pleased to appoint First Data as our new partner to provide end-to-end processing services hosted in India. First Data will set up and manage new data centre facilities in India to provide card management solutions.
“These services from First Data will enable us to get better economies of scale and enhance services levels. We will also leverage new digital capabilities from First Data in the future. We look forward to a long term association with First Data.”
With a market share of 16% in India, SBI Card serves more than 5.6 million customers in the country.