Financial Daily from THE HINDU group of publications
Thursday, Apr 18, 2002
Money & Banking
New Products & Services
Info-Tech - E-Commerce & E-Business
HSBC launches Internet merchant services
Mr Vivek Kudva (left), Country Head, Personal Financial Services, HSBC, with Mr Roopam Asthana, Manager, Card Products Division, at a press conference to launch `Internet card acceptance service' in Mumbai on Wednesday.
MUMBAI, April 17
THE Hong Kong and Shanghai Banking Corporation Ltd (HSBC) on Wednesday launched `Internet merchant services,' facilitating a secure means to process credit card payments online through its Internet payment gateway.
The payment gateway will enable straight-through processing of online payments as well as a secure environment for the processing of credit card transactions over the Internet, said bank officials.
The service will enable merchant establishments to process payments faster and safer and also enable customers to make purchases through the Internet.
According to Mr Vivek Kudva, Country Head, Personal Financial Services, "We have to strike the right balance between security protocols, technology and consumer friendliness for the service to be used effectively.''
The Internet payment gateway is based in Hong Kong and processes Internet card transactions for six countries - Hong Kong, India, Philippines, Sri Lanka, Brunei and Singapore.
Cardholders paying by credit card for goods and services bought at a merchant site using HSBC's Internet payment gateway will be forwarded directly to HSBC's service for payment processing.
The service is available to online merchants across India and offers easy installation of the payment gateway software and ease of integration with merchant Web server, said bank officials.
It also follows the requisite security standards (SSL 128 bit encryption) and enables the ability to process mail order and telephone order transactions, processing of full and partial shipments, sophisticated reporting features to support management information for merchants, according to Mr Saroj K. Nanda, Manager Merchant Services, Card Products Division. HSBC has 30 branches in 13 cities in India and has a credit card base of over 6,00,000 customers here.
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