Payments company ItzCash has partnered with card network Visa and has been approved as a member. 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. ItzCash will now be able to issue a virtual Visa card, contactless Visa payWave cards, and mobile payment solution mVisa. ItzCash recently launched an open loop wallet in association with RBL Bank, which allows users to withdraw cash from ATMs. At the time, the company had partnered with RuPay to launch prepaid cards. ItzCash will also offer payment processing and white-label solutions with the new partnership. Visa's rival MasterCard already issues virtual cards with a number of other wallets. In December 2015, Paytm partnered with ICICI Bank to issue virtual cards. In May, private sector lender YES Bank said it has issued 1.7 million virtual prepaid cards and claims it is the largest issuer of such cards in the world on the MasterCard platform. YES Bank started issuing virtual cards in association with FreeCharge in January to make payments across all online merchants in India. Way back in 2013, MasterCard had also partnered with Beam Money which would allow its wallet users to transact at ATMs, physical merchants and online shops. BBPS licence In July, ItzCash also got an in-principle nod to run a Bharat Bill Payments Operating Unit (BBPOU). The National Payments Corporation of India…
