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The PoS terminals would be deployed as there has been an increase in the use of both credit and debit cards. They would initially be put up at 1,000 centres by April and around 5,000 more would be added by March 2010, IOB Executive Director G Narayanan told reporters here.
Banktech has outsourced this job to IOB, who would manage the entire maintenance of terminals. "The revenue generated out of the business will be shared between Bank and the vendor in the ratio 67 to 33", Narayanan said.
He said the bank's annual PoS turnover at present is Rs 40 crore for credit cards and Rs 140 crore for debit cards.
Terming the last quarter performance as 'very good', Narayanan said the economic meltdown could result only in a slight reduction in the credit rate in the first quarter of this year. However IOB is confident of posting a 20 per cent growth in the credit rate by year-end.
Banktech India Vice President Kannan Iyer said they had already tied up with Catholic Syrian Bank in 2006 to offer similar services and were also holding discussions with other lenders to offer these, he said.
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