Infosys sees growth potential in payment solutions in India

Last Updated 25 October 2013, 12:57 IST

India's second largest software services exporter Infosys has said it sees growth potential in the payment solutions space in the banking and finance sector in the country.

A leading player in the banking and finance vertical, the firm considers payment solution, which includes e-payments, as an important aspect of its growth story in the country.

"We have a great market share in India. We are also looking at digital commerce.

Payments is an important space and good traction is coming in from there," Infosys Global Head (Finacle) M Haragopal told PTI.

Digital commerce is also a growing segment, which has tremendous potential, he said.

Besides presence in India, Finacle powers 168 banks across 81 countries across all key global regions including Africa, Americas, Europe and Asia, Hargopal added.

In India, over 50 per cent of the public and private sector banks and 8 foreign banks are powered by Finacle, while, seven of the top 10 banks are powered by the solution, he said.

Finacle has 69 per cent market share among the top 36 banks in India and 25 of the top 36 banks are powered by this solution, he added.

"Our solution for Regional Rural Banks has penetrated strongly in India with 54 per cent market share and 45 of the 82 RRB’s in India with over 9,900 branches will be powered by Finacle," Hargopal added.

Finacle closed the July-September quarter with USD 74.9 million in revenues, up 12.2 per cent year-on-year and 3.8 per cent growth quarter-on-quarter.

It secured 18 client wins in second quarter of 2013-14 fiscal against 15 in the first quarter is the same fiscal.

Geography-wise, Asia-Pacific (APAC) is the top earner followed by Europe, Middle East & Africa (EMEA) and Americas.

Speaking on the evolution of Finacle, Haragopal said the first version of banking solution from Infosys was released in 1993 aimed at addressing retail and corporate needs of banks.

This banking solution evolved as Finacle with the first release taking place in January 2000 with Axis Bank as its first customer, he added.

(Published 25 October 2013, 12:52 IST)

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