Cadmus breaks into Indian eftpos market

Eftpos terminal manufacturer and distributor Cadmus Technology has broken into the Indian market, announcing an order to supply a "one piece" terminal to India's second-largest bank.

The Auckland-based company said that in a pilot evaluation of the market, ICICI Bank would roll out 1000 Cadmus terminals to ICICI Bank's merchants throughout India.

ICICI Bank has over 13 million customers, 570 branches and 2025 ATMs.

Cadmus international sales and marketing director Pat McCammon said the deal with ICICI Bank was strategically important as 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," he said.

"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."

Cadmus shares were trading at 24c, up 1c this morning.

- NZPA