News

Indian bank signs on with Euronet network

May 17, 2005

LEAWOOD, Kan. and MUMBAI, India - Euronet Worldwide Inc., an electronic payments provider, inked a deal with HDFC Bank, which operates India's fourth largest ATM network, to join Euronet's Cashnet shared ATM network in India.

HDFC operates 1,167 ATMs, serving approximately 3 million cardholders across the country, according to a news release. Euronet expects to have HDFC's ATMs on the network by the end of this month.

Cashnet, established in 2003, is the largest multilateral shared ATM network in India, and the country's first nationwide-shared network switch.

HDFC is the 10th member bank to join in India.

The addition of HDFC will provide access to more than 5,000 ATMs across India, serving approximately 12.6 million debit and credit cardholders of member banks.

"Our participation in Euronet's Cashnet network will provide our customers with increased access to a much larger number of ATMs, inline with our commitment to customer convenience, and providing anywhere, anytime banking," said Neeraj Swaroop, country head of HDFC's Retail Banking division.

Transactions are supported by Euronet's processing center in Mumbai. Euronet received approval from the Reserve Bank of India in April 2003 to operate a national shared ATM switch, with Industrial Development Bank of India as the settlement bank. The network operates under the bank-independent brand Cashnet.

"The successful growth of our Cashnet network and ATM outsourcing services in India over the past two years is proof of our strength as a leading provider of fully integrated retail financial outsourcing solutions," said Daniel R. Henry, Euronet Worldwide president and chief operating officer.