Money & Banking

Digital payments firm ItzCash now part of the Visa network

Our Bureau Mumbai | Updated on January 16, 2018

Aims at transaction volume of $10 b in next four years

Digital payment solutions company ItzCash on Thursday announced that as a part of a strategic alignment it has been approved as a member of the Visa network.

The move allows ItzCash, a non-bank institution, to get a direct membership from the global payments technology company.

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.

"This (membership) 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 said in a statement.

Naveen Surya – Managing Director, ItzCash, said “The association.... marks the beginning of a new industry trend that is set to alter the FinTech landscape of the country.....we are currently in a sweet spot to independently roll out various innovative digital payment solutions.”

“This deeper collaboration.... will help both companies outline an aggressive roadmap for growth while driving the national agenda of a less cash society,” he further added.

TR Ramachandran, Group Country Manager, India and South Asia, Visa, on the occasion said, “...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.”

Published on September 15, 2016

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