Venture Infotek Issues 20 Million Debit Cards in 15 months for State bank of India
Venture Infotek, India's premier Transaction Management company, which had bagged the largest order ever for debit card issuance in the country from State Bank of India.
Tweet-- Venture Infotek, India's premier Transaction Management company, which had bagged the largest order ever for debit card issuance in the country from State Bank of India, country's leading issuer of debit cards, today announced that they have till date issued a record 20 million debit cards for the Bank. With over 15 years of experience in the Card sector, Venture Infotek is the most experienced Visa and MasterCard certified card bureau in India. Venture Infotek's Cards and Fulfillment division, has the biggest state-of-the-art secure card personalization bureau in India with a capacity to personalize 48 million cards per annum, out of which it is using a substantial portion of its capacity for State Bank of India.
Apart from issuing 20 million cards in the past 15 months for State Bank of India, Venture Infotek has built an ERP system to track every card of SBI through its entire processing lifecycle. Venture Infotek has also developed an exclusive Quality Check software for SBI and has set-up a dedicated Customer care center operating 7 days a week, round the clock, besides providing SBI with innovative products and services such as, Auto-response by email to any query on card status within 60 seconds.
SBI has also launched a new debit card for the Indian Army. Nearly 1.5 million exclusive cards are being issued by the bank for the personnel of the Indian Army, which is being handled by Venture Infotek.
At present, approximately 60 Million Cards, both Debit and Credit Cards put together, are personalized every year in India, out of which Venture Infotek's Cards and Fulfillment Division personalizes over 30 Million Cards, making them the leader in the Card Fulfillment business with more than 50% market share.
Expressing his delight on achieving this landmark, Mr. Piyush Khaitan, Managing Director, Venture Infotek said, "We are indeed very excited about our partnership with SBI - the nation's largest bank. This milestone will consolidate our position as the largest third party processor for card issuing in the country. Our Mumbai-based Cards and Fulfillment division has a capacity to produce over 150 variants of cards including chip based and photo cards and can cater to more than 6000 destinations pan-India. We are completely equipped and have the ability to handle peak loads - up to 200% demand for sustained periods. We are now massively expanding our operations and will soon be setting up another card bureau in Bangalore, the first of its kind with Hot Disaster Recovery capability."
"Banks are going slow on credit card issuance and have been promoting spends through debit cards by offering various incentives to the consumers such as loyalty rewards, discounts by select retailers and cash-back options. The increasing acceptance of debit cards at both physical and online merchants is also driving spends through debit cards. This record feat for debit card issuance for SBI further testifies to the fact that banks are encouraging debit cards more than credit cards with delinquencies rising in the credit card segment", added Mr. Khaitan.
With the issuance of 20 Million Debit Cards for State Bank of India by Venture Infotek, the bank customers will enjoy the benefits of cashless transactions using their Debit Cards across 500,000 PoS terminals in the country, out of which 190,000 terminals are managed by Venture Infotek alone.
Notes to Editor
About Venture Infotek:
Venture Infotek Global Pvt. Ltd. is India's first and leading ISO 9001:2008 transaction processing and knowledge management company. Incorporated in 1997, Venture Infotek pioneered the introduction of e-Payments in India, and since then has continued to be instrumental in shaping this industry. The company not only enjoys a tremendous first mover's advantage, but also has in place a superior infrastructure, providing integrated end-to-end card payment solutions to organizations across industry verticals like banking, financial services, petroleum, retail, manufacturing, government and travel & hospitality.
Venture Infotek manages payment card and other transactions emanating from over 190,000 Merchant locations in India. Last year, Venture Infotek processed 150 Mn transactions with a commerce value of Rs. 35,000 Cr. (USD 7 Bn). The cards and fulfillment division of Venture Infotek, with the largest state-of-the-art secure card personalization bureau in India has a capacity to personalize around 48 million cards per annum. The merchant business division of Venture Infotek, not only offers multi-application Point-of-Sale terminals to merchants, but also innovative products such as ExchangePlus, a Dynamic Currency Conversion solution and a fully secured Internet Payment Gateway. Crossing the digital divide, 'Venture Grama' - an initiative from the Integrated Solutions & Services Unit delivers Government Benefits (like Health Insurance for the rural poor under the Rashtriya Swasthya Bima Yojana) through cutting-edge technology, thereby facilitating the inclusive growth and development of the disadvantaged sections of India's population. With a truly pan-India reach from Leh to Port Blair, Venture Infotek services are available in over 6,000 unique postal PIN codes across the country.
Recent Awards & Recognition:
- Winner of Confederation of Indian Industry-Export Import Bank of India (CII-Exim) Bank Award 2009 for its Strong Commitment to Excel
- Winner of the prestigious International Asia Pacific Quality Organization (IAPQO) Best in Class Award 2009
- Winner of the Indian Merchants Chamber - Ramakrishna Bajaj National Quality Award 2008 in the Small Business category
- Conferred with the "Best Innovation in a Loyalty Card Award" along with partner Welcome Real-time at the annual Cards and Payments Europe conference in June, '09
For more on Venture Infotek, please log on to: www.ventureinfotek.com