ET Tech, September 15, 2016
Digital payment startup ItzCash said it has entered into a strategic partnership with Visa, making it the only non-bank institution in the country to get a direct membership from the global payments technology company. This means that all ItzCash wallets and instruments will now be accepted wherever Visa is accepted, just like bank debit cards powered by Visa. “With this association, we are untapping the potential of mass India at large. Everyone who has physical money but wants to transact digitally, now has an empowered instrument in ItzCash that will be accepted everywhere, making the process as seamless as paying in cash,” said Bhavik Vasa, chief growth officer at Itz ash. The partnership offers increased flexibility to design and customise payment solutions.
ItzCash will now offer an extended range of new-age features like virtual Visa cards, contactless Visa payWave cards and mobile payment solution mVisa, offering consumers more choice through their mobile wallet. “By collaborating with new and non-traditional partners, our aim is to enable inclusive growth and empower the underserved and underpenetrated customers and businesses,” said R Ramachandran, group country manager- India and South Asia at Visa. Until now, Visa was working only with banks in India and powered banking instruments. This association will enable Visa to partner with the emerging fintech players. Itzcash expects to generate transaction volume of approximately $10 billion in the next four years with the enhanced range of its own products and that powered by Visa. “This deeper collaboration marks an impactful milestone which will help both companies outline an aggressive roadmap for growth while driving the national agenda of a less cash society,” said Naveen Surya, Managing Director, ItzCash.