Startup signs Indian bank EFTPOS deal

IT startup Transaction Solutions International (TSI) has signed an agreement with the Bank of Punjab to roll out EFTPOS terminals throughout India.

ASX-listed major shareholder QED Occtech said TSI had begun testing its Indian EFTPOS network with an initial deployment of EFTPOS terminals to verify the transaction flow and payment process for TSI's backend operations.

Water treatment technology provider QED Occtech owns 35 percent of TSI.

"TSI has been able to secure this agreement for the rollout of EFTPOS terminals that complements TSI's recently-announced sponsor and settlement agreement with UTI Bank, which is a major trading bacnk in India," QED Occtech said.

The Bank of Punjab was keen to use technology to provide services for its retail customers, it said.

The deal followed one announced in April, a joint venture with India's Securitrans. Securitrans was a "well-established" security and cash logistics company represented in 85 Indian cities, QED Occtech said at the time.

TSI also recently signed an agreement with US-based ATM maker Tidel for exclusive distribution rights into India, it said.

TSI commercialises and deploys technology, including electronic transaction payments,  within the financial payments sector. TSI was seeking opportunities especially in Asia, QED Occtech said.

TSI wanted to deploy hardware and operations across Asia that allowed automated transactions between banks, financial institutions and bank customers, it said.