Reserve Bank of India's new PIN rule boosts sales of payment solution companies

Companies that help in processing card paymentslook set to benefit from rising demand for portable card swipe machines after the Reserve Bank of India (RBI) adopted new rules to prevent fraud and enhance security.
Merchants in India usually swipe cards through a reader to generate receipts that customers sign, but the new rule, effective December 1, adds another layer of security by making debit card holders enter their personal identification numbers (PIN)to validate transactions via these machines, also referred to as point-of-sale (POS) terminals.
Businesses such as fuel stations, hotels and restaurants that normally keep their card machines out of the customer's reach will have to buy the portable, GPRS-enabled devices to offer convenience to clients.
Sunith Menon, India's managing director for France-based Ingenico SA, which manufactures such devices and supplies them to various banks, expects revenue to rise by 20 per cent as demand for the wireless POS terminals rises after the new RBI mandate.
"We are seeing an increased requirement coming in from banks," he said, adding that ICICI-First Data, Bank of Baroda and Axis Bank were among those who have placed orders for GPRS-enabled POS terminals.
Of the 20,000 POS terminals sold every month by Ingenico in the country, 10 per cent were GPRS-enabled models. Menon now expects such devices to account for a 30 per cent share in his near-term sales.
The new PIN mandate would affect more than 350 million debit card holders in the country. A recent study by industry body ASSOCHAM showed that the debit card users, growing at an annual rate of 18 per cent, were clocking sales of 69 billion rupees using POS terminals every month.
The number of POS terminals in the market has grown significantly in the recent years. As of the end of September, there were 965,000 terminals in use across the country, 46 per cent higher than the 661,000 devices in March 2012, according to data provided by e-payment services provider Worldline India.
Pine Labs India, which counts Starbucks, Future Group and Pantaloon Retail among its clients, has installed about 4,000 GPRS swipe machines since November, higher than the monthly average of 200 to 300. In the next month, the company expects to install another 2,000 such machines.
"Somebody like a premium restaurant chain will never like to call the customer, neither would the customer like to go behind the counter," said Kush Mehra, vice president of payment solutions at Pine Labs. "They have become the newest recipients of this technology along with a very large network of fuel stations."
One of their clients, Speciality Restaurants, which operates brands such as Mainland China and Oh! Calcutta, have placed orders for 50 GPRS machines and plan to buy at least one machine for each of their 74 restaurants in India.
Over the years, Indians have increasingly started using plastic as their payment method. But fraudulent transactions on credit and debit cards have also become common. The central bank earlier this year directed banks to put in place certain security and risk control measures to safeguard customers' interest.

bank Standard Chartered expects to pay about $330million to U.S.

Asia-focused bank Standard Chartered expects to pay about $330million to U.S. regulators as settlement for its failureto comply with sanctions against Iran, denting its full year profit growth.
The payment is on top of the $340 million it has already paid to the New York State Department of Financial Services in the third quarter.
As a result of the New York settlement, profit before tax is expected to grow at a mid-single digitrate, the bank said. Any earnings growth will mean StanChart is on trackfor a 10th straight year of record profits.

List of banks found in Hong Kong

A BN AMRO Bank
38/F Cheung Kong Centre
2 Queen's Road Central, Hong Kong
Tel: (852) 2176 8888
Fax: (852) 2845 9049
E-mail: customer.feedback@hk.abnamro.com
Website: www.abnamro.com.hk
Agricultural Bank of China
23/F, Tower I, Admiralty Centre, 18 Harcourt Road, Hong Kong
Tel: (852) 2861 8033
Fax: (852) 2866 0133
E-mail:
Website: www.abchina.com.hk
American Express Bank Ltd
36th Floor, One Pacific Place,88 Queensway,
Hong Kong
Tel: (852) 2844 0688
Fax: (852)2845 3637
E-mail:
Website: www.americanexpress.com/hk/
Asia Commercial Bank Ltd
Asia Financial Centre 120 DesVoeux Road,
Central,Hong Kong
Tel: (852) 2545 3115
Fax: (852) 2815 3157
E-mail: contact@afh.com.hk
Website: www.abchina.com.hk
Australia & New Zealand Banking Group
Suites 3101-5, One ExchangeSquare
8 Connaught Place, Central, Hong Kong
Tel: (852) 2843 7111
Fax: (852) 2868 0089
E-mail: chank5@anz.com
Website: www.anz.com
B ank of China
1 Garden Road, Hong Kong
Tel: (852) 2291 8000
Fax: 852) 2537 1266
E-mail:
Website: www.bochk.com
Bank of East Asia
10 Des Voeux Road, Central, Hong Kong
Tel: (852) 2842 3200
Fax :(852) 2845 9333
E-mail: info@hkbea.com
Website : www.hkbea.com
Baden-Wurttembergische Bank, B-W Bank
20/F., Entertainment Building
30 Queen's Road Central, Hong Kong
Tel: (852) 2849 9680
Fax: (852) 2849 9600
E-mail: hongkong.branch@bw-bank.com.hk
Website: www.bw-bank.com
Banca di Roma
16/F., The Hong Kong Club Building 3A Chater Road, Central Hong Kong
Tel: (852) 2521 2221
Fax: (852) 2868 0034
E-mail:
Website: www.bancaroma.it
Banca Intesa S. P. A.
33/F., Edinburgh Tower, TheLandmark 15 Queen's Road Central Hong Kong
Tel: (852) 2532 2700
Fax: (852) 2845 0209
E-mail:
Website: www.bancaintesa.it
Banca Monte dei Paschi di Siena, S.P.A.
15/F., International Finance Centre 1 Harbour View Street, Central Hong Kong
Tel: (852) 2295 2800
Fax: (852) 2295 3131
E-mail:
Website: www.mps.it
Banca Nazionale del Lavoro S.P.A.
Suite 1501, 15/F., Cheung Kong Centre 2 Queen's Road Central, Hong Kong
Tel: (852) 2101 0700
Fax: (852) 2810 5243
E-mail:
Website: www.bnl.it
Banco Bilbao Vizcaya Argentaria, S.A.
33/F., Two International Finance Centre, 8 Finance Street, Central, Hong Kong.
Tel: (852) 2582 3111
Fax: (852) 2824 4868
E-mail:
Website: www.bbva.es
Bangkok Bank Public Company Ltd
Bangkok Bank Building 28 Des Voeux Road Central Hong Kong
Tel: (852 )2801 6688
Fax: (852) 2810 5679
E-mail:
Website:
Bank Melli Iran
Room 704 - 706 Wheelock House 20 Pedder Street, Central Hong Kong
Tel: (852) 2521 1127
Fax: (852)2868 4692
E-mail:
Website:
Bank of America (Asia) Ltd
41/F Two International Finance Centre
8 Finance Street, Central,Hong Kong
Tel: (852) 2805 2383
Fax: (852) 2597 3300
E-mail:
Website: www.bankofamerica.com/hk
Bank of Communications
20 Pedder Street Central Hong Kong
Tel: (852) 2269 9699
Fax: (852) 2810 6993
E-mail: enquiry@bankcomm.com.hk
Website: www.bankcomm.com.hk
Bank of India
2/F., Dina House, 11 Duddell Street, Central Hong Kong
Tel: (852) 2524 0186
Fax: (852) 2877 1178
E-mail: boihk@netvigator.com
Website: www.bankofindia.com.hk
Bank of Baroda (HK) Ltd.
Room. 302, Ruttonjee Centre,Dina Hse., 11 Duddell Street,Central, Hong Kong
Tel: (852) 25215166
Fax: (852) 28684702
E-mail: bobhkg@netvigator.com
Website:
Bank of Montreal
3606 One Exchange Square Central Hong Kong
Tel: (852) 2522 4182
Fax: (852) 2810 4520
E-mail: enquiry@bmo.com.hk
Website: www.bmo.com.hk
Bank of New York
6/F., New Henry House 10 Ice House Street, Central Hong Kong
Tel: (852) 2840 9888
Fax: (852) 2810 5279
E-mail:
Website: www.bankofny.com
Bank of Nova Scotia
25/F., United Centre 95 Queensway Hong Kong
Tel: (852) 2529 5511
Fax: (852) 2527 2527
E-mail:
Website: www.scotiabank.com
Bank of Scotland
15/F., Jardine House 1 Connaught Place Hong Kong
Tel: (852) 2521 2155
Fax: (852) 2845 9007
E-mail:
Website: www.bankofny.com
Bank of Taiwan
4/F 9 Queen's Road Central Hong Kong
Tel: (852) 2521 0567
Fax: (852) 2869 4957
E-mail: enquiry@bmo.com.hk
Website: www.bot.com.tw
Bank of Tokyo-Mitsubishi
14/F., Tower 1, Admiralty Centre 18 Harcourt Road Hong Kong
Tel: (852) 2823 6666
Fax: (852)2529 3821
E-mail:
Website: www.bankofny.com
Bank SinoPac
23/F., Two International Finance Centre, 8 Finance Street, Central, Hong Kong
Tel: (852) 2801 2801
Fax: (852) 2851 3163
E-mail:
Website: www.banksinopac.com.tw
Barclays Bank Plc
42/F., Citibank Tower, 3 Garden Road, Hong Kong
Tel: (852) 2903 2000
Fax: (852) 2903 2999
E-mail: internationalbanking@barclaysasia.com
Website: www.barclays.co.uk/hongkong
Bayerische Hypo- und Vereinsbank AG
13/F Citic Tower 1 Tim Mei Avenue, Central
Hong Kong
Tel: (852) 2533 4000
Fax: (852) 2533 4700
E-mail:
Website: www.hvbasia.com
Bayerische Landesbank
19/F Standard Chartered Bank Building 4-4A Des Voeux Road Central Hong Kong
Tel: (852) 2978 8333
Fax: (852) 2877 3817
E-mail:
Website: www.blb.de
Belgian Bank
33/F ICBC Tower
3 Garden Road, Central, Hong Kong
E-mail: info@belgianbank.com.hk
Website: www.belgianbank.com.hk