Public sector lender, Corporation Bank has tied up with another lender, Karnataka Bank regarding payments using point of sale (POS) terminals at merchant outlets.

The two lenders have signed a Memorandum of Understanding (MoU) in this regard.

As part of the deal, Corporation Bank would be offering Visa Access Point and MasterCard Interface Processor. Speaking on the issue, Mr P. Jayarama Bhat, Managing Director of Karnataka Bank Ltd, said that the new facility coming iup will benefit retail outlets.

The bank would be setting up 1000 POS terminals in the first phase of the deal, he said.

The occasion also had the presence of Mr Kishore Kothapalli, Managing Director of MRL Posnet Pvt Ltd.