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ElectraCard claims to handle over 70% ecommerce transactions in India; partners UBI

Union Bank of India (UBI) has partnered ElectraCard Services
to set up an online payment gateway, called ElectraEcomm. According to UBI, ElectraEcomm
is a secure, real-time payment processing solution, supporting all major credit
and debit cards from global payment processing networks and multiple
currencies. ElectraCard, a subsidiary of Opus Software Solutions, claims to be
handling over 70 per cent of ecommerce transactions in the country.

Union Bank of India (UBI) has partnered ElectraCard Services
to set up an online payment gateway, called ElectraEcomm. According to UBI, ElectraEcomm
is a secure, real-time payment processing solution, supporting all major credit
and debit cards from global payment processing networks and multiple
currencies. ElectraCard, a subsidiary of Opus Software Solutions, claims to be
handling over 70 per cent of ecommerce transactions in the country.

Ramesh Mengawade, CEO, ElectraCard Services said, “Handling
more than 70% of ecommerce transactions in India, electraEcomm is one of our
flagship solutions. We are confident that our platform will provide a
superlative ecommerce experience to Union Bank of India customers.”

Lalit Sinha, General Manager, Union Bank of India said, “Our
Bank is one of the forerunners amongst the peer banks in the area of technology
banking and payment gateway business fits strategically to our overall value
proposition to the target customers. We believe the tie up with ElectraCard
Services would be beneficial to both the organizations.”

“It provides transaction acquiring and processing interfaces
to web merchants, customers, EFT switches and acquirer networks,” the company
said in a statement. ElectraCard will host the payment gateway and merchant
management systems for Union Bank from its data centre in Mumbai. The bank has
also implemented ElectraSecure, a solution that will enable safe online
transactions.

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