NEW YORK, March 22, 2017 /PRNewswire/ - SmartCard Marketing Systems, Inc. (OTC: SMKG) & Clear Technologies signed strategic partnership to launch End2End Point of Sale Solutions, Mobile Wallet and Gift cards for India. This partnership between SmartCard Marketing Systems, Inc. & Clear Technologies will enable the launch of the following exciting solutions and services; Bundled POS solution for SME Merchants with a suite of payment, including Wireless EMV MPOS & EPOS and Mobile wallet and gift cards for the public to carry out secured financial transactions between their friends and families and other merchants.
Massimo Barone CEO stated "It's an exciting time to be in the payment industry with the endless opportunities in emerging markets like India. The partnership with Mohamed comes at a great time in our growth cycle which establishes a fundamental partnership with an enriched understanding of the local marketplace. In the past year we had signed a partnership with GlobalEserve in India which we have completed integration of the local debit network for both b2b and b2c payments . There are many industries in India which are growing rapidly which lack the Payment acceptance technology needed to implement seamless payments."
Mohamed Ali, CEO of Clear Technologies adds "We are very excited to launch bundled solution for SME merchants in India. Our comprehensive solution enhances and complements India's digital economy drive. By utilizing the latest technology and by combining it with the expertise of both companies, we are confident that we can provide excellent user experience to our customers.
India's Economy, Payments & Banking Industry
The Indian economy advanced 7 percent year-on-year in the last three months of 2016, slowing from an upwardly revised 7.4 percent rise in the previous quarter but beating expectations of a 6.4 percent growth. The expansion was mainly driven by a surge public spending and agriculture. The GDP is expected to grow 7.1 percent in the fiscal year ending in March 2017. GDP Annual Growth Rate in India averaged 6.10 percent from 1951 until 2016, reaching an all-time high of 11.40 percent in the first quarter of 2010 and a record low of -5.20 percent in the fourth quarter of 1979.
India Cards and Payments market overview
In terms of number of cards in circulation, the Indian payment cards market is expected to grow at a CAGR of 10% over the period 2015-2020. The growth of cards in circulation in India, can be attributed to expansion of ATMs and POS terminals, growing disposable income and greater acceptance of payment cards in the country.
About India's Banking Industry
There are currently 27 public sector banks in India out of which 19 are nationalised banks and 6 are SBI and its associate banks, and two are IDBI Bank and Bharatiya Mahila Bank, which are categorised as other public sector banks. There are total 93 commercial banks in India.
About Clear Technologies
Clear Technologies is a CRM Products & Services company head quartered in New Jersey. Since its inception in 1999, it has helped several Fortune 500 companies such as in the US and India to deploy software solutions that enhances Employee Productivity & Management Efficiency, maximizing Revenue & Bottom-line Profitability. Some of the customers of Clear Technologies are; Bed Bath& Beyond, Nextel-Sprint, Tyco, HP, Microsoft, Autodesk, American Red Cross, FINRA, E&Y Financial Services, etc. For more information, go to www.cleartechnologies.com
About SmartCard Marketing Systems, Inc. (OTC:SMKG)
SmartCard Marketing Systems Inc. (SMKG:OTC) is a Fintech payment accelerator Co & solutions provider to the payments industry, cloud-based EMV host Acquiring & Issuing solutions to banks, telecoms and enterprise customers. In addition, the company's in-house advisory services offer customers proprietary software solutions including Genorocity.com, a coupon and incentive platform for the Retail & Events industry, Check21SAAS.com a Remote Deposit Check solution for X9 clearing and VelocityMWallet.com, a transaction payment ecosystem for alternative payment solutions & processing. For more information, go to www.smartcardmarketingsystems.com.
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SOURCE SmartCard Marketing Systems Inc (SMKG)