IndiaPay

Payment Processing in India Accepting credit cards is becoming a must for small and medium sized businesses conducting business online. Customers are increasingly turning to plastic when they open their wallets. The average American cardholder has four credit cards.

Retail ATM Giant acquires stake in IndiaPay to enter Indian Market.

India’s Financial Services sector is booming due to new initiatives by Indian government and the Reserve Bank of India to bring financial reforms. It has opened doors to vast market of burgeoning billion plus population by allowing foreign investment in various sectors including financial services. India has less than 150,000 ATMs deployed across the whole country for a billion plus population. The average ATM does about 300 transactions per day in India. There is vast scope and market for ATM service providers.

IndiaPay which proudly calls itself “India’s Payment Superstore” manages reliable and secure ATM and mobile payments infrastructure across India’s heartland. Recently, South Korea’s largest banking equipment manufacturer Hanmega and group company Genmega, Inc. acquired stakes in IndiaPay.

Unmesh Laddha, President and CEO of IndiaPay “We have collaborated on number of projects, and bringing the Hanmega and Genmega group as stakeholders will provide our client banks and financial institutes with a complete list of value-added services from one organization. We believe the addition of Hanmega hardware expertise and Genmega retail ATM solutions to the product lines and services sold by IndiaPay, will allow IndiaPay to provide a high level of local serviceability and technical support to ATM transactions in the Indian heartland that is currently lacking.”

“I couldn’t be more pleased with this acquisition. The combination will allow us to serve the vast Indian market and also be part of global IndiaPay brand.” stated CK Kang, President and CEO of Genmega, Inc.

About IndiaPay: Technology Service Provider to banks and financial institutes. It’s solutions include White Labeled ATMs, Mobile Banking, POS Switching, White Labeled Internet Payment Gateway, Global Remittance Plantform and Cash Management Technologies customized for many Indian banks. IndiaPay also manages a vast branch network across Indian cities and towns with offices in Mumbai, India and Atlanta, GA in USA. For more info visit www.indiapay.com

About Hanmega and Genmega
Hanmega with Genmega is the 4th largest ATM manufacturer leading the market for Retail ATM solutions. Genmega deploys thousands of ATMS across US every year.
For more info visit www.genmega.com

India & International:Payment Gateway Solution,Cheque Truncation System,Credit/Debit Card Processing IndiaPay is a Global Service provider processing all types of Electronic Payment Transactions for financial institutes and corporate customers.

Implementation of Cheque Truncation System (CTS) compliant cheques.

As per RBI guidelines, banks have been instructed to issue CTS (Cheque Truncation System) Compliant Cheques.

However, if your chequebook does not carry cheque leaves with NEW features; please order a new chequebook at the earliest.

Cheque Truncation System: Banks to block circulation of non-CTS cheques by March 31, 2013.

According to a notice issued by the Reserve Bank Of India, the circulation of non-CTS cheques should be blocked by March 31, 2013 and replaced by Cheque Truncation System, CTS 2010 standard. People are now approaching banks for getting cheque books according to the new format issued.

Comparing the old system of cheques with the new CTS, RK Gupta, Manager, Punjab National Bank said, “Now there is no obligation to send the cheques physically as the image of the cheque is captured by the system and sent electronically. The format is standardized and the new features like the invisible logo of the bank and void pantograph help keep a check on fraudulent cheques”.

“The new system is very genuine and brings a lot of ease to the users, though the prohibition of any alterations in the cheque will surely require some practice,” said Vaishali Grover, an account holder at PNB. Similarly, Ravinder Yadav, Manager, Bank Of India (BOI) said, “ More than fifty account holders request it on a daily basis”.

The system has a lot of new features, specifically the security feature and the clearing of cheques on the same day. Harjot Kaur, Senior Manager, UCO Bank said “CTS 2010 is surely a great technological development in the banking industry as it makes it easier for the banks to work as a group”. On the other hand, Lovely Khurana is quite convinced and satisfied with the fact that the clearing of cheques will no more take three long days.

The CTS 2010 standard is highly accessible and profitable though it might lead to the wastage of resources as people lack complete knowledge. The old cheques cannot be used for clearing but can still be used for withdrawal purpose. The last date to completely stop the circulation and usage of the old format was earlier decided to be December 31 which is now changed to March 31 and with people becoming more aware, it gives them quite some time to act accordingly for minimal wastage and misuse of resources.

Dinesh Wakadikar, a business man, said, “I don’t mind disposing off my old cheque book as if one has to move on and grow with the new technology then its negative aspects should be accepted as well.”

Satnam Singh, Case Manager, State Bank Of India, said, “We have started issuing new cheque books and we make sure that our customers have a knowledge of the new system so that 90% of the old cheques are consumed before the notified date”.

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