One97 Communications-owned Paytm on Friday announced its partnership with financial services major Visa to enable credit card payments across banks via the Paytm app. The mobile wallet firm has integrated BHIM UPI as a source of pulling funds for the customer to pay for credit card bill payments.
"We are glad to announce our partnership with Visa to make Visa credit card payments across Banks on the Paytm app. VISA Credit Card users can now pay their monthly bills at any time, anywhere using their preferred payment method including UPI, net banking and debit cards," the company said in a blog spot.
The company is eyeing over 2 million credit card bill payments this financial year.
"We are delighted to partner with Visa in enabling seamless credit card bill payments on Paytm. This will benefit millions of credit card users across the country," said Kiran Vasireddy, COO, Paytm.
He added that the company has also integrated Paytm BHIM UPI to enable users to pay for their bills, along with other payment methods like debit card, net-banking. "These new payment modes will go a long way in offering great convenience to the Visa credit card users as they can now pay their monthly bills on the Paytm app," added Vasireddy.
However, you will not be able to use another credit card to make outstanding credit card payments.
Commenting on the partnership, Murali Nair, Head of Business Development, Visa India said, "With Visa credit card bill payments now enabled on Paytm, it effectively marks the complete digital transformation of the credit card ecosystem. From issuance to purchases and now bill payment, the Visa credit card is now truly a preferred digital payment tool for India?s mobile-first generation."
Earlier, Paytm made headlines when Berkshire Hathaway, a conglomerate run by billionaire Warren Buffett, picked up a $356 million stake in the parent of digital payments firm.
Vijay Shekhar Sharma's One97 Communications Limited recently launched its investment and wealth management app Paytm Money. Paytm Money has partnered with around 25 asset management companies covering over 90% of the industry's assets under management (AUM) - totalling over Rs 23 lakh crore - to offer direct plans of mutual funds. The latter come with lower expense ratios due to zero distribution fees or commissions.
The Paytm Money app is now available for download on both Android & iOS. The company is initially providing access to around 2,500 users a day and plans to increase this to over 10,000 users daily over the next few weeks.