B2B Payments

India’s ElectraCard To Be Purchased By MasterCard

MasterCard has announced that it intends to purchase Pune-headquartered ElectraCard Services (ECS) from Opus Software. The terms of the deal have not yet been disclosed and the deal is expected to close sometime around the end of the second quarter of 2014.

ECS provides electronic payment processing services and software products for retailers, banks and telcos worldwide.

“The acquisition of ECS strengthens our capabilities and enables us to offer a true end-to-end solution for our customers. ECS’s expertise complements MasterCard’s products and services, making us an even stronger player in the field of processing and switching. We welcome ECS and its talented team into the MasterCard family, and we look forward to working alongside them,” said Vicky Bindra, president, Asia/Pacific, Middle East and Africa, MasterCard in a released statement.

The move will secure MasterCard’s turnkey issuing processing, acquiring processing and switching technology, MasterCard bought a 12.5 percent stake in the firm initially in 2010.

Ramesh Mengawade, Chairman of Opus was positive about MasterCard’s move to take on the rest of ECS and what it meant for the software provider’s global future. “We have had a strong relationship with MasterCard for many years now and are excited that the ECS team will be part of MasterCard enabling it to deliver turnkey processing solutions to its customers. Opus will continue its focus on growing its IT services business for the credit and payments market in the North America region.”

“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.

——————————–

Latest Insights:

Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. In the November 2019 AML/KYC Report, Zillow’s Justin Farris tells PYMNTS how the platform incorporates stringent authentication without making the onboarding and buying experiences too complex.

Click to comment

TRENDING RIGHT NOW