3 cos vie for Axis Bank’s swipe biz

..... Top three private banks account for 75% of the installed swipe machines or electronic point of sale (POS) terminals as they are known in the payment industry. ICICI Bank has the largest network of 2.57 lakh swipe machines followed by HDFC Bank with 2.4 lakh.  Axis Bank, the country’s third largest private lender, also ranks number three in POS terminals with 2.27 lakh machines. These terminals facilitate cashless shopping transactions by swiping credit or debit cards, helping merchants to reduce risks and costs in handling cash. Domestic card payments are reporting explosive growth with the Reserve Bank of India (RBI) asking banks to issue debit cards to all account holders and increase their network of merchants accepting the cards..........

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