Digital payments firm ItzCash aims to generate transaction volume of USD 10 billion in the next four years with its new range of products and a newly forged tie-up with payment gateway Visa.
“The company is looking at generating transaction volume of approximately USD 10 billion in the next four years with the enhanced range of its own products and that powered by Visa,” it said in a release.
The non-banking entity ItzCash said with this it has got a direct membership from the global payments technology company Visa.
The company now would be able to have direct access to 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.
“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,” Naveen Surya, Managing Director, ItzCash, said.
T R Ramachandran, Group Country Manager, India and South Asia, Visa said: “By collaborating with new and on-traditional partners, our aim is to enable inclusive growth and empower the underserved and under-penetrated 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, he added.
ItzCash offers services like co-branded prepaid, gift cards as well as corporate solutions.
With Visa tie-up, it will offer new age features like Virtual Visa cards, contactless Visa payWave cards, and mobile payment solution mVisa, offering consumers more choice through their mobile wallet.
The company has recently forged tie ups with Flipkart, BookMyShow, OYO Rooms, DHFL Pramerica, dittoTV among others.
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 over 60 per cent growth in the digital payments industry; pegged at USD 500 Billion by 2020.
A part of the Essel Group, ItzCash was established in 2006 offering wide choice of payments and money transfer service with issuance of 110 million accounts till date.