Electronic payment giant
The one-stop facility, which will further strengthen the brand's presence in the
Once the facility goes live in the fourth quarter of the year,
The facility promises to help
"This centre will not just serve banks. The customers that will benefit from this can be anyone, from banks, merchants, acquirers, issuers, mobile companies and governments. It could be [companies] with large retail chains, which have their own [initiatives] such as their own loyalty programmes that require processing capability," he added.
"You have huge mobile and Internet penetration rates, so the consumer is quite digital in this part of the world. The reason they have not been able to convert [to cashless] is there is no infrastructure that [enables that shift]. And the processing centre will make that happen in a seamless and integrated way," Malhotra pointed out.
"There's so much innovation [being introduced or planned] here, but it's very hard work for issuers and acquirers to actually enable that innovation. That's where the processing centre comes in," added McCaul.
The company declined to disclose the amount of money it is investing into the facility and the number of employees it intends to hire. "You can say it's a multimillion dollar [undertaking]," said McCaul.
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