ICICI Bank and First Data have formed a merchant acquiring alliance named ICICI Merchant Services, which has acquired ICICI Bank’s merchant acquiring portfolio.
ICICI Merchant Services, which is owned 81% by First Data and 19% by ICICI Bank, will build on the bank’s existing acquiring portfolio of approximately 150,000 merchants. Over time, it expects to deliver a suite of card acquiring services to existing and new merchants. However, ICICI Bank will continue to act as a settlement banker for the merchants.
Both ICICI Bank and First Data will be represented on the board of directors of ICICI Merchant Services. Day-to-day operations will be coordinated by First Data.
Sandeep Bakhshi, deputy managing director of ICICI Bank, said: “We continue to work towards optimising and improving the efficiencies of our business, to meet customer needs effectively and increase service quality. By partnering with a leading global player like First Data, we are able to expand our service offering to our merchant customers.”
David Yates, president of international business at First Data, said: “India is a strategic market for First Data. This new alliance gives us the scale and presence that we can build from, with a highly regarded partner. We hope our alliance will make a positive contribution to the Indian economy, partnering with ICICI Bank to provide specialised, world-class merchant acquiring services to the market.”
