Prizm Payments Acquires PoS Terminal Business From Reliance Money

Prizm Payment Services has announced its expansion in the area of Point-of-Sale (PoS)/ Merchant Acquiring Services. It has acquired the PoS services business of Reliance Money, which has been in existence for the past 15 months. The announcement was made by Loney Antony, managing director, Prizm Payments.

“PoS Services is an integral part of the business of payment through different types of cards – be it debit or credit. Our acquisition of the PoS services business of Reliance Money will give us headway in this area. The total value of the business generated through PoS terminals in India today is over Rs 80,000 crore per annum and is growing at over 25 percent per annum. However, there is still a huge untapped market waiting to be explored. While the country has over 150 million debit cards and 25 million credit cards in circulation, there are only 4.5 lakh PoS terminals at present,” said Antony.

Reliance Money had set up its Transaction Payment Gateway and connectivity to international card issuing/ settlement organisations like Visa/ MasterCard and had established a franchisee base of merchants and PoS installation and support services over the past 15 months, which is now being transferred to Prizm Payments.

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“The PoS business in India is witnessing a phase of consolidation. Banks have started hiving off their entire PoS operations to third-party service providers. Keeping the present business scenario and our overall growth strategy in mind, we have entered into this agreement with Reliance Money to transfer the business to Prizm Payments,” added Antony.