Mumbai: HDFC Bank Ltd, the second largest private sector bank by assets, plans to strengthen its grip on the fast growing card payment market by adding another 2,00,000 point of sale (PoS) terminals in the next 18 months, bank executives said.
The addition will take HDFC’s PoS beyond 3,00,000 from 1,25,000 currently, executives said.
“We are currently the largest credit card issuer, have the largest market share in terms of spends through cards and as India moves towards a cashless economy we would like to own the largest network of terminals,” managing director Aditya Puri said.
The bank currently is second to smaller rival Axis Bank Ltd in terms of number of terminals but with 30% market share, it’s the largest in terms of amount of payments it processes through its network.
Axis has 1,87,266 PoS terminals currently, a spokesperson from the bank said.