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Visa, which is a global payment major has now enrolled for the Paytm Payments banks into its card payment and issuing network, and the Indian e-wallets providers are now in talks to start issuing a Visa-branded debits cards to its customers.
The CEO of the Visa, Alfred shared news of the collaboration with the Payment in a recent interview.
“We are working with Paytm Payments Bank to offer our debit credential solutions to enhance their offerings to their rapidly expanding customer base,” Kelly said. Visa could leverage Paytm’s plans to grow the card payments market in India through this partnership and benefit in the long run, he said.
This could also be a major move by the American based multi-national company to get large, unorganized merchants into its fold. Paytm, which is also one of the largest payment players in India has now been at the forefront of digitalizing small merchant payments over a couple of few years.
“PayTM Payments Bank has formally joined the Visa network as a member and will soon be able to issue Visa cards in the market,” said T R Ramachandran, Visa’s group country manager for India and South Asia. “Separately, in line with our combined strategy to expand the contactless card acceptance network in India, PayTM is also in the process of enabling merchants on the PayTM network to start accepting contact less card payments.”