The Hindu : Venture Infotek's plans

Online edition of India's National Newspaper
Wednesday, Jan 01, 2003

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Business

Venture Infotek's plans

By Our Corporate Reporter

CHENNAI DEC. 31. Venture Infotek, engaged in providing end-to-end solutions for card payment processing and bill payment, is planning to introduce multi-merchant loyalty and rewards programme. Girish Rangan, managing director of the company told The Hindu, that after successfully managing consumer programmes for other businesses, the company had made the final turn towards the consumer space.

Since 1996, the company had extended its leadership position from managing the card payment processing to the entire gamut of transactions. It had set up a nationwide infrastructure for electronic payment processing with more than 24,000 electronic data capturing machines (EDC) established in merchant locations in 368 cities and towns.The MD said the merchant network was electronically connected to the regional hubs in 18 cities and all these hubs were linked to the main hub in Mumbai. "Every transaction that happens at a merchant outlet goes through this network to the payment gateways of MasterCard, Visa or American Express, and post this to the issuing bank's database for verification The entire process is done in a few seconds." Mr. Girish Rangan said. The company is providing end-to-end solutions at the national level for BPCL Petro Bonus with more than one million customers using the loyalty programme.

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