This will allow ItzCash to issue Visa branded payment instruments, acquire merchant transactions with mVisa, as well as offer Visa Direct for real-time P2P payments and money transfers, and other services. The company says that it is the first non-bank institution to get direct membership with Visa.
This is to launch ‘Rupay Platinum Prepaid Card’, which offers prepaid payment services across both offline and online platforms. The prepaid card can be used for, online shopping, in-app payments, to make purchases in offline stores, pay bills, to withdraw cash at any ATM that accepts RuPay, gift and rewards purposes among others.
It has got the nod from RBI. Other non-bank entities who have received a licence from the RBI include Spice Digital, Oxigen, PayU, TechProcess Payment Services, Euronet and Paytm. The RBI is communicating the decision of who gets a licence directly to the applicants. ItzCash has clocked volume transactions of over Rs 6,000 crore in the utility bill payments space for the year 2015-16.
This will facilitate payments for hotel bookings for OYO’s customers. The partnership will help OYO tap potential consumers who do not have access to either a debit or a credit card. The companies did not disclose the financial details of the partnership. ItzCash will offer access to OYO Rooms through an online co-branded portal and offline outlets, a network of 75,000 plus network of retail touch points across India.
BBPS has been proposed as an integrated system that will provide ‘Anytime Anywhere’ payment options to customers. The platform will be run and managed by the National Payments Corporation of India. Mobikwik, Oxigen Services and ItzCash are among the applicants for the Bharat Bill Payment System. On the other hand, Paytm and Freecharge didn’t apply for a payment bank licence because it wants to be a neutral gateway.
Independent payment wallet firms such as Oxigen have been locked out of India’s biggest shopping sites. Snapdeal, which earlier allowed an option to pay with Oxigen wallet, has removed the option in favor of Freecharge wallet since its acquisition of Freecharge. Naveen Surya, MD at ItzCash says that one cannot create scale while running the payment business independently.
ItzCash has tied up with the Manipur State (India) Power Distribution Company to let customers recharge their prepaid electricity meters using their online portal or through ItzCash Point outlet. To check illegal power connections and wastage, the Manipur government had introduced pre-paid electricity meters where customers would pay first and consume only for the amount paid.