PoS, a joint venture between the State Bank of India and GE Capital, will launch an updated app enabling cardholders to make contactless payments at point of sale (SBI Cards) devices in India. The app, set to be launched next month, will use near-field communication to allow customers to make a payment by tapping their phones on to the SBI Cards machine. The move is intended to facilitate the virtualisation of payment cards. PoS currently has a 15% market share in terms of card spends and cards in force, with volume growth rate at 200,000 cards a month.
SBI Cards, a joint venture between the State Bank of India and GE Capital, will launch an updated app enabling cardholders to make contactless payments at point of sale (PoS) devices in India. The app, set to be launched next month, will use near-field communication to allow customers to make a payment by tapping their phones on to the PoS machine. The move is intended to facilitate the virtualisation of payment cards. SBI Cards currently has a 15% market share in terms of card spends and cards in force, with volume growth rate at 200,000 cards a month.