HSBC launches Internet merchant services

Our Banking Bureau
18 March 2002

Mumbai: The Hong Kong and Shanghai Banking Corporation Ltd (HSBC) has launched Internet merchant services, facilitating a secure means to process credit card payments online through its Internet payment gateway.

The payment gateway will enable straight-through processing of online payments as well as a secure environment for the processing of credit card transactions over the Internet, say bank officials.

The service will enable merchant establishments to process payments faster and safer and also enable customers to make purchases through the Internet.

Says HSBC country head (personal financial services) Vivek Kudva: "We have to strike the right balance between security protocols, technology and consumer friendliness for the service to be used effectively."

The Internet payment gateway is based in Hong Kong and processes Internet card transactions for six countries Hong Kong, India, the Philippines, Sri Lanka, Brunei and Singapore. Cardholders paying by credit card for goods and services bought at a merchant site using HSBCs Internet payment gateway will be forwarded directly to HSBCs service for payment processing.