QED Occtech subsidiary rolls out 14 bill payment machines
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Perth-based QED Occtech Ltd subsidiary Transaction Solutions International group has expanded its range of bill payment machines in India, announcing plans to install a futher 14 by February 2007.
The company commenced a roll-out of the machines in October this year, signing an agreement with Indian utility company New Delhi Power Ltd.
TSI collects around 15 cents per transaction.
The full text of a company announcement is pasted below
The Board of QED Occtech Ltd is pleased to announce that Transaction Solutions International group has now commenced the expansion of its successful iPay Bill Payment kiosk machines.
Five co-branded NDPL / iPay Bill Payment kiosk machines were initially deployed in October 2006 with the largest power utility company in Northern India, North Delhi Power Ltd. These machines are now averaging 5,000 transactions per kiosk per month.
Following the success of the initial iPay Bill Payment Kiosks, TSI has now installed four new machines at NDPL sites. A further 10 iPay Bill Payment Kiosks are expected to be installed at NDPL sites by February 2007.
TSI currently expects to install and operate up to 50 iPay Bill Payment Kiosks at NDPL sites by June 2007. TSI is also in discussions with a number of other major utility companies in India regarding the installation of its proven iPay Bill Payment Kiosks.
Furthermore, following the initial success and demonstrated flexibility of TSI's iPay format, a number of other industries in India, including the insurance sector, are also now assessing the iPay format for application to their business.
About TSI
TSI is a business dedicated to the commercialisation and deployment of transaction payments hardware and solutions (including ATMs, Eftpos and bill payments) on the emerging market in India. TSI's intended activities in the region include the deployment of hardware and operations that allow automated transactions to occur between banks, financial institutions and bank customers through the use of financial debit or credit cards, with TSI receiving a fee per transaction.
An iPay Bill Payment kiosk looks like an ATM but instead of dispensing cash it accepts cash, cheques and financial cards (see photos included in the 2006 Annual Report for QED). TSI collects approximately A$0.15 per transaction.