Digital payments service Paytm has tied up with global payment plaftorm Visa to enable credit card payments through its mobile app.
Paytm has also integrated BHIM UPI on the app for the customer to source funds to make credit card bill payments, said One97 Communications Limited, owner of the Paytm.
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 aims to process over two 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.
"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," said Murali Nair, Head of Business Development, Visa India.
Earlier, Paytm made headlines as Berkshire Hathaway had picked up a 25 billion rupees ($356 million) stake in the parent of digital payments firm Paytm, a source said, its first investment in an Indian startup as it forays into the financial payments sector.
The conglomerate run by billionaire Warren Buffett confirmed in an email that Berkshire had invested in One97 Communications Ltd. Buffett was not involved in the transaction, his assistant Debbie Bosanek said in the email, without giving more details.