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Genex Infosys partners with City Bank on card payment solutions

Published : Sunday, 19 May, 2024 at 12:00 AM  Count : 197
Business Desk
Genex Infosys Ltd, a premier IT enablement company in Bangladesh, and City Bank PLC, a leading provider of banking solutions, officially signed an agreement at the City Bank Head Office at Gulshan 1, Dhaka recently.

The partnership will enhance the card payment landscape for retailer EFDMS devices across the nation, a press release said.  
The collaboration marks a significant milestone in the financial technology sector by integrating City Banks payment gateway acquiring application into Genexs Electronic Fiscal Device (EFD) machines.
This strategic partnership is set to revolutionize the way card transactions are processed, providing a seamless and efficient payment experience for customers. The customers will enjoy this service after a few months.

Under the scope, Genex Infosys will deploy City Banks innovative card payment gateway application across the network of the bank. These devices are designed to facilitate not only card transactions but also efficient VAT invoice generation for a wide array of merchants throughout Bangladesh.

The agreement will play a significant role in building a cashless society and promoting financial inclusion. It will also expand the scope of the retailers VAT collection, contributing to an increase in government revenue. This entire process is part of the current Governments advancement effort in the financial ecosystem.

"This partnership with City Bank enables us to leverage our technological expertise to enhance the card payment solutions available to EFD merchants and their customers," said Shah Jalal Uddin, Acting Managing Director and CEO of Genex Infosys Ltd. "Integrating City Banks advanced card acquiring solutions into our POS systems will streamline transaction processes, making them quicker and more secure."

The agreement also details a commercial arrangement where both Genex Infosys and City Bank will benefit from a shared revenue model on card transactions processed through the EFD devices. This collaborative effort not only underscores the commitment of both parties to financial innovation but also ensures a mutually beneficial relationship that supports business growth and enhances customer satisfaction.

Sheikh Mohammad Maroof, Additional Managing Director of City Bank PLC, expressed enthusiasm about the partnership, stating, "Our collaboration with Genex Infosys represents a pivotal step forward in our mission to expand digital payment solutions across Bangladesh. By combining our resources and expertise, we are setting a new standard for card payment operations, ultimately benefiting our merchants and their customers."



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