New Delhi: Digital payments firm ItzCash Thursday said it has become a member of the network of global payments technology firm Visa which will allow its wallets and instruments to be accepted wherever Visa is accepted.
“Just like the bank debit card powered by Visa is accepted everywhere, ItzCash wallet or ItzCash prepaid card will now be accepted everywhere,” Bhavik Vasa, chief growth officer, ItzCash said in an email.
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 person to person payments and money transfers.
ItzCash is targeting a transaction volume of almost $10 billion in the next four years.
“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,” said T.R. Ramachandran, group country manager, India and South Asia, Visa.
The news was first reported by The Economic Times on Thursday.
ItzCash offers payment and money transfer services and claims to have 110 million accounts. The partnership with Visa offers ItzCash flexibility to design and customize payment solutions. It will now offer features like Virtual Visa cards, contactless Visa payWave cards, and mobile payment solution mVisa.
ItzCash is backed by investors such as Matrix Partners, Lightspeed Venture and Intel Capital.
The digital payments industry in India will grow 10-fold to touch $500 billion by 2020, according to a June study by Google and Boston Consulting Group.