Allahabad Bank to roll out 5,000 POS terminals

Allahabad Bank has tied up with Tata Communications Banking InfraSolutions Ltd for providing merchant acquiring services through Point of Sale (POS) terminals. POS terminals are swipe machines for registering payments through credit and debit cards.

Under this tie-up, the bank plans to roll out 2,000 POS terminals in the first phase and another 3,000 terminals in the second phase thereby taking the total number to 5,000 by the end of this fiscal, according to its Chairman and Managing Director, Mr J. P. Dua.

According to RBI data, there are over 6 lakh POS terminals in the country as on November 2011.