Fino PayTech, which recently received Reserve Bank of India’s in-principle approval for setting up a payments bank, announced a strategic tie-up with Snapdeal on Tuesday.
The company said in a press release that the partnership will leverage the existing retail presence of Fino and the proposed payments bank wherein Fino will provide services, products, technology to enable the payment ecosystem to be offered to customers of Snapdeal.
“In addition to the assisted e-commerce, customers can now avail a host of services such as opening of payment bank wallet, recharging wallet by cash at physical outlets of Fino, and making payments for other services,” the release said.
It added that these associations have helped in providing immense value to Fino’s customer base who largely
comprise low income households in urban and rural areas.