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 new features which will allow users to split bills and P2P transfers to bank accounts using only debit cards. Walnut’s app will be linked to a customer’s debit card. They can choose a contact on their phonebook to send the money.
It has been struck down by a federal court. The retailers had accused the card payment networks of overcharging interchange fees with banks while using credit and debit cards. The court noted that the settlement deal was unfair to retailers who would not get any benefit at all. The litigation was brought forward in 2006 and plaintiffs include Amazon.com, WalMart and CostCo.
It has over 100,000 merchant locations which can accept NFC cards and transactions. Visa’s NFC cards form a tiny part of India’s card payments system which has over 661.8 Mn debit cards and 24.5 credit cards as of March 2016.
The three have signed a MoU which will utilize Micromax’s mobile devices to leverage Visa’s unique digital payments products and TranServ’s fin-tech capabilities to promote indigenous digital payment infrastructure. Micromax users will be able to use mobile-based Push Payments using mVisa, seamless eCommerce payments, interpersonal payments to personal contacts and in the future mobile contactless payments in physical locations through NFC.
Visa has invested in payments startup Stripe that values it at $5B. The agreement will see the two companies work closely on initiatives around payments security and new product innovation. Stripe will work with Visa to get access to its tokenization service, which turns a shopper’s card information into placeholder codes that are useless if intercepted by cyber thieves. Stripe has disclosed that the total investment from all participants equaled less than $100M. Stripe now has two major credit car companies as investors: American Express and Visa.