Prizm Payments, MRL POSNET Ally With Corporation Bank For POS Network

Prizm Payments Services, an enabler of secure payment services across electronic channels and MRL POSNET, a point-of-sale network owner with an emphasis on creating a retail network for electronic delivery of products and services, using point-of-sale terminals, have announced a large multi-tier end-to-end POS deployment engagement with Corporation Bank. This POS network aims to create one of India’s largest card acceptance networks, scaling up to 100,000+ terminals over a two to three year period.

Under the agreement, Prizm Payments and MRL POSNET will provide an end-to-end solution comprising: (a) merchant services like merchant acquisition, merchant agreement and managing merchant profitability, (b) processing services including authorisation services and merchant settlement services, (c) deployment of EMV compliant POS devices, (d) services like maintenance and upkeep of the POS and other devices, on site training of merchants in the use of the POS device for various transactions and providing consumables, (e) risk and chargeback management.

Prizm Payments would provide the technology and transaction processing platforms whereas MRL POSNET would provide the front-end activities of merchant sourcing, sign-up, merchant management. Corporation Bank would act as a sponsor and settlement bank for the settlement of the card transaction amounts with the merchants relating to the card transactions done on the POS network deployed by Prizm Payments and MRL POSNET for Corporation Bank.

Asit Pal, executive director, Corporation Bank, said, “This agreement has provided us with a comprehensive outsourcing model where the entire POS network is managed by our partners giving us the flexibility and operational excellence we demand.”