One of India’s Largest Banks to Use Cadmus EFTPOS
FOR IMMEDIATE RELEASE
One of India’s Largest Banks to Use Cadmus EFTPOS Terminals
Auckland, 12 October 2005 – Cadmus Technology, New Zealand’s leading exporter of payment solutions, today announced that it has won an order to supply one of India’s largest banks with its new Cadmus CM05 “one piece” terminal, as a pilot evaluation of the Cadmus products for that market.
The pilot is with ICICI Bank (www.icicibank.com) which is India’s second largest bank with over 13 million customers, 570 branches and 2,025 ATM’s. ICICI Bank selected Cadmus’ value-added technology as part of an initial pilot which will see the roll out of 1,000 Cadmus terminals to ICICI Banks merchants throughout India. India is already acknowledged as one of the world’s technology and innovation leaders with a commercial market beginning to embrace EFTPOS payment solutions.
Pat McCammon, Director International Sales and Marketing for Cadmus Technology says the deal with ICICI Bank is strategically important because it is a first step in gaining access to India’s vast EFTPOS terminals market.
“We are very excited to have received the pilot order from ICICI Bank and will work hard to develop this deal into something more substantial. Anecdotally we know all the indicators are that the Indian market will need increasing volumes of EFTPOS terminals over the next few years, so being one of the first companies to meet this demand was always a priority for Cadmus,” says McCammon.
“We believe that Cadmus is ideally placed to supply India’s emerging market for smart and debit cards because we have a scalable manufacturing capacity, EMV certification for all our products, and extensive value added services as well a full range of hardware products,” says McCammon.
“If required, Cadmus can also access large scale offshore contract manufacturers to ensure it maintains a strong position for a share in this aggressive and emerging market.”
McCammon also says that Cadmus’ ability to gain certification for its EFTPOS terminals and early commitment to absorb the significant development cost on- site in India was a major advantage over other vendors in the competitive Indian market.
“Cadmus secured the pilot
contract in India because we ensured that our EFTPOS
terminals had certification via Indian based certification
company FSS. FSS, based in Chennai, provides services to
over 11 other Indian banks, which
in turn gives Cadmus further opportunities to develop additional relationships. In addition, Cadmus was willing from day one to commit considerable time with ICICI to provide the bank with, as with our other customers, software development and ongoing support to meet their needs.
“We are now investigating joint ventures and the extension of current relationships to provide localised software development, sales and support capabilities into this market.”
Cadmus Technology has been actively canvassing the Indian market for some time. In 2004, Cadmus’ Chairman Keith Philips accompanied the Prime Minister Rt. Hon Helen Clark on a New Zealand Trade and Enterprise business mission to India including visiting companies in Mumbai and Delhi.
About Cadmus Technology
Cadmus Technology Limited (NZX: CTL) designs, develops and implements innovative point-of-sale payment solutions for merchant businesses worldwide. The company is New Zealand’s largest manufacturer and exporter of payment terminals, with an increasing customer base developing internationally. The company offers payment and data management solutions, including EFTPOS and data capture terminals, loyalty programs and customer relationship management solutions. Cadmus also provides end-to-end payment solution and data management services for retail, business payment and transactional processing requirements. Clients include Bank of New Zealand, Wrightson, TAB, Wellington Combined Taxis, Bartercard Australia Pty Ltd, On-Q Business Systems Pty Ltd, eScience Systems Malaysia, Paysys (M) SDN BHD, Coles Myer Australia, Caltex Australia, Harvey Norman Australia, Bi-low, Priceline and Bendigo Bank.
For more information, please visit www.cadmustechnology.com