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India's Prizm Payments buys Reliance POS network; ATMs could be next
September 29, 2009 - Tracy Kitten
Chennai, India-based Prizm Payments has acquired Reliance Money's POS platform, according to a news report from Reuters.
The deal allows Reliance Money to exit the POS business and focus on its core business of selling financial products. For Prizm, the deal means expansion.
Prizm has spent the last few years buying ATM and POS networks, Reuters reports, and has already initiated talks with a few banks in the country. Banks have recently been more willing to sell their ATM and POS networks to third-party service providers, like Prizm. In July, Yes Bank signed with First Data Corp. for ATM management. The bank pays transaction-based charges. ICICI Bank initiated a similar plan in June.
Prizm offers ATM/POS services in 50 locations.
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