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Corporation Bank has signed a memorandum of understanding (MoU) with Karnataka Bank Ltd on point of sale (PoS) network for retail payments at merchant outlets.
As per the MoU, Corporation Bank will provide the Visa Access Point and MasterCard Interface Processor — the gateways of Visa and MasterCard, respectively — which will be required to put through the PoS transactions.
Signing the MoU here on Monday, Mr P. Jayarama Bhat, Managing Director of Karnataka Bank Ltd, said that this facility will be helpful for merchant establishments. This will enable the bank to improve the CASA (current account savings account) base and fee-based income.
Karnataka Bank will have 1,000 PoS terminals in the first phase, he said.
Mr Ashwani Kumar, Executive Director of Corporation Bank, said that Karnataka Bank is also using Corporation Bank's e-payment gateway for payment of various taxes on behalf of its clients.
Mr B. R. Bhat, General Manager of Corporation Bank, said that the bank has set up a larger infrastructure with MRL Posnet Pvt Ltd to facilitate electronic funds transfer for card transactions taking place at PoS networks. (MRL Posnet Pvt Ltd is a PoS network owner having a retail network of electronic delivery of products and services using PoS terminal and Visa and MasterCards). Corporation Bank will play the role of settlement bank for such transactions, he added.
Mr Kishore Kothapalli, Managing Director of MRL Posnet Pvt Ltd, was present on the occasion.
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