State-run, Allahabad Bank has inked pact with Tata Communications Banking Infra Solutions for offering merchant acquiring services through point of sale (POS) terminals. POS terminals are swipe machines for registering payments through credit and debit cards.
As per the contract the bank will launch 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.
The bank has reported a rise of 34.78% in its net profit of Rs 560.43 crore for the quarter ended December 31, 2011 as compared to Rs 415.80 crore for the same quarter in the previous year. Total income has increased by 36.85% from Rs 3113.09 crore for Q3FY11 to Rs 4260.28 crore in the quarter under review.
