ItzCash, India’s leading digital payment solutions company announced that as a part of a strategic alignment, the company has been approved as a member of the Visa network.
The move makes ItzCash, a non-bank institution in the country to get a direct membership from the global payments technology company. In a first of its kind partnership in India, and one of its kind arrangements globally, the payment network titian has inducted ItzCash, a payments FinTech to become its direct member. This empowers ItzCash along with Visa to rollout innovative and globally successful solutions along-with offering a seamless payment experience across all its physical and digital platforms.
The company is looking at generating transaction volume of approx. US$ 10 billion in the next four years with the enhanced range of its own products and that powered by Visa.
ItzCash will now have direct access to the issuance of Visa branded payment instruments, acquire merchant transactions with mVisa, as well as offer Visa Direct for real-time P2P payments and money transfers, amongst a host of other services.
Commenting on the development Mr. Naveen Surya - Managing Director, ItzCash, said “The association speaks volumes of the immaculate faith that a global leader like Visa has shown in our brand and marks the beginning of a new industry trend set to alter the FinTech landscape of the country. With the onus of the country’s largest network and outreach program across mediums, we are currently in a sweet spot to independently roll out various innovative digital payment solutions.”
“This deeper collaboration marks a impactful milestone which will help both companies outline an aggressive roadmap for growth while driving the national agenda of a less cash society,” he further added.
Mr. TR Ramachandran, Group Country Manager, India and South Asia, Visa, on the occasion said, “At Visa, our constant endeavor is to expand access and penetration of electronic payment solutions to benefit multiple ecosystems and more people. By collaborating with new and non-traditional partners, our aim is to enable inclusive growth and empower the underserved and underpenetrated customers and businesses. Leveraging the Visa network, ItzCash will be able to offer a host of solutions, catering to the differentiated needs of urban, semi-urban and rural demographics, available both through offline and online channels.”
Currently reigning as the leader in co-branded open loop prepaid, gift cards and corporate solutions, the partnership with Visa offers increased flexibility to design and customize payment solutions. The company will now to offer an extended range new age features like Virtual Visa cards, contactless Visa payWave cards, and mobile payment solution mVisa, offering consumers more choice through their mobile wallet.
In addition to serving its own products, it will also be a competent player to provide program management, payment processing and white-label solutions to the emerging FinTech ecosystem.
According to the recent Google BCG report, Payments from offline channels, unorganised retail, kirana stores among others will be the single largest driver of value, steering for > 60% growth in the digital payments industry; pegged at US$ 500 Billion by 2020.
ItzCash recently made a series of strategic partnership announcements, to foster growth across emerging digital commerce sectors, which included Flipkart, BookMyShow, OYO Rooms, DHFL Pramerica, dittoTV among others.