Digital payments major Visa on Monday announced a collaboration with ICICI Bank on its ‘Visa in a Box’ programme for fintech acceleration.
Through this collaboration, fintech’s can access APIs and the developer sandbox of Visa and ICICI Bank, to rapidly build, test and deploy consumer payment applications, Visa said in a statement.
ICICI Bank is the first bank to partner with Visa for its ‘Visa in a Box’ programme in India. It has launched co-branded prepaid cards with three fintech’s across sectors like business banking, business expense management, and neo-banking.
For fintech’s, Visa brings its digital payment settlement capabilities and the bank brings its expertise in financial technology, understanding of the Indian market and payment solutions to drive innovations.
“The bank shares our vision of catalyzing fintech’s who are solving for the payment challenges of tomorrow – across digital issuance, credit access, small merchant acceptance, and commercial payments,” said T R Ramachandran, group country manager, India, and South Asia, Visa.
Visa and ICICI Bank will jointly develop programmes aimed at accelerating growth and innovation in their respective businesses. ICICI Bank will also have access to Visa’s growing network of fintech partners and provide guidance to get them to market in the most efficient way possible.
