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EximSoft, BGS to push smart cards in India

Fakir Chand in Bangalore

EximSoft Technologies Ltd, the Bangalore-based e-solutions provider, entered into a strategic partnership with BGS SmartCard Systems AG, a world leader in e-payment solutions, to revolutionise the usage of smart cards in India.

The partnership will facilitate any bank in any part of the country to establish a reliable and profitable system of electronic retail payment through smart cards on any device or medium.

The Austrian company, whose core business is to develop and integrate smart card-based offline and online payment systems, has rolled out its latest product Duet, an acronym for Dual Universal Electronic Transactions.

The product is a functionally complete, integrated; computerised system designed to build electronic payment systems using smart cards.

"Duet provides safe and secure transactions for consumers at multi-locations, and offers benefits to financial institutions and retailers," stated BGS CEO Leonid Delberg in Bangalore Wednesday on the occasion of signing the pact.

In view of the limited communication or IT networks and minimal banking infrastructure in the country, Duet is a scaleable and proven product platform for implementing smart card-based payment systems in India.

"The Internet has already turned into a commercial behemoth. And given a high degree of security, it can become a convenient environment for commercial operations and services, including banking," Delberg asserted.

Using Duet, the electronic cash less payment system using smart card technology, financial institutions have an opportunity to provide their customers the ability to exercise the 'anywhere anytime' payment option with their cards over the Internet.

According to EximSoft managing director V Ramakrishna, as the majority of all retail payments in India are still in cash, the potential for smart card systems like Duet is immense as it will be one of the best solutions for tackling the problems of the payment industry.

"The combination of ubiquity of the Internet and the functionality of Duet smart cards will allow our customers and partners to leverage the business opportunities and enter new promising markets of corporate and retail business," Ramakrishna affirmed.

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