ICICI Bank, India's largest private sector bank, and First Data, a global leader in electronic commerce and payment services, have formed a merchant acquiring alliance named ICICI Merchant Services which has acquired ICICI Bank's merchant acquiring portfolio. The venture brings together one of India's largest merchant portfolios, representing approximately 30% of the current Indian acquiring market, and a leading acquirer and payment services provider with global expertise. Over time, ICICI Merchant Services expects to deliver an enhanced suite of card acquiring services to existing and to new merchants.
ICICI Bank is India's second largest bank with over 2,000 branches across the country. First Data, a KKR company, provides payment processing services for 5.3 million merchant locations globally and serves customers in 36 countries around the world. First Data's services include offering merchants the ability to view and interrogate their payment transactions securely via the internet while benefiting from loyalty, prepaid and market-leading e-commerce solutions based upon advanced processing technologies.