Visa has announced a partnership with Hyperface, Asia’s first Credit Cards-as-a-Service (CCaaS) platform, that will enable digital issuance of Visa credit cards to mid-sized and large businesses and contribute to the growth of co-branded credit cards in India.
By the end of 2023, the credit card segment in India is expected to have 100 million users. However, it is estimated that over 50% of India’s credit-eligible adults do not have access to formal credit, and 160 million consumers are underserved. With this partnership, Visa seeks to enhance its breadth of digital-first offerings, enabling banks and merchants to deliver comprehensive and robust credit solutions within its network. Merchants too will be able to launch co-branded credit cards with speed and drive loyalty, with the suite of products and partnerships that Hyperface offers.
“We are happy to partner with Hyperface to provide a superior platform for our issuing clients to launch configurable credit card programs with in-built customization of benefits and hyper-personalization capabilities. In a country with a growing appetite for credit and new experiences, we are confident that this partnership will be play a key role in expanding credit access and driving credit card usage across segments,” said Sujai Raina, VP and Head of Business Development, Visa India.
“We are extremely delighted to partner with a global leader like Visa. Hyperface is reimagining the digital experience for credit cards. Visa has extensive distribution and a deep commitment to technology. This partnership provides a great foundation to build innovative and powerful products for Visa’s bank and cobrand partners.”, said Ramanathan RV, Co-Founder & CEO of Hyperface.
As a network of networks, Visa aims to build a secure, swift, and seamless transaction ecosystem for consumers and businesses. The synergy of product offerings and solutions as a result of this association will bring a host of benefits to consumers, including a superior end-user experience, an intuitive onboarding process, and streamlined card lifecycle management when accessing credit from partner banks.
