Global economic problems have not dented the optimism of
Singapore-based merchant acquirer Merchant Solutions which reports
robust business and ’skyrocketing’ payment card transaction
volumes.
Formed in November 2007 by US payments processor First Data and
UK bank Standard Chartered, Merchant Solutions now operates in
Bangladesh, Brunei, Hong Kong, India, Macau, Malaysia, Singapore,
Sri Lanka and China.
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Merchant Solutions’ CEO and MD, Sean Hesh, spoke especially
enthusiastically about developments in India.
“We are on the cusp of a real explosion in electronic payments,”
said Hesh.
According to Merchants Solutions credit cards alone account for
35 per cent of total payment card transactions in India, a level
that is expected to rise to 45 percent in 2012, thanks to rising
incomes and increasing merchant acceptance.
Merchant Solutions noted that throughout its Asian operations
during 2008 it rolled out “a stream of products and services” to
help merchants large and small capture more card payments.
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By GlobalDataDeployments included the latest range of POS terminals from
vendors VeriFone, Spectra and Hypercom.
From an innovations perspective, a notable addition was the
introduction of an internet-based POS solution developed by New
Zealand-based Direct Payment Solutions. In essence, the solution
enables any internet-connected computer to be converted into POS
device.
First Data and Standard Chartered have stakes of 56 percent and
44 percent, respectively, in Merchants Solutions.
