HSBC offers EDC facility for debit card transactions

Our Banking Bureau

Mumbai, Sept 17: HSBC’s clients will now be able to use the electronic data capture (EDC) terminals provided by the bank to process Maestro debit-card transactions.

HSBC is also in the process of extending its card acceptance network over the next two years.

Eight new locations will be added to HSBC’s geographical coverage by the end of 2001.

Each EDC terminal along with the pin-pad costs up to Rs 45,000.
At the moment, the bank has 4,000 EDC termninals which provides service in 13 cities.

The end-to-end service is provided in-house and 99 per cent of all transactions is processed electronically. HSBC commenced merchant services in 1999.

The HSBC has issued 5,40,000 cards as of now and wants to touch the 6,00,000 mark by end of this year.

Said HSBC’s deputy chief executive officer in India, Chris Hothersall: “We are very keen to widen and deepen our reach in the cards market in India. Both the launch of our Maestro transaction accepotance serviice and the extension adn of the geographcal coverage of our cards acceptance network will reinforce HSBC’s position as the leading merchant acquirer in India”.


Said MasterCard International’s vice-president and country manager, south Asia, Sameer Vakil: “HSBC’s initiative will enable the Maestro cardholders to enjoy the card benefits at wider locations, includiing the convinience of secure electronic access at their own money anytime, anywhere”.