One97 Communications-owned Paytm has announced its partnership with Visa, (a global payments technology company) to enable credit card payments across Banks on the Paytm App.
The platform has also integrated BHIM UPI as a source of pulling funds for the customer to pay for credit card bill payments thereby adding an important use-case for Paytm BHIM UPI.
Kiran Vasireddy, COO - Paytm said, "We have also integrated Paytm BHIM UPI to enable users to pay for their bills, along with other payment methods like a 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."
Furthermore, 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 2 million credit card bill payments this financial year.
"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", Says Murali Nair, Head of Business Development, Visa India.
For those who are not aware Warren Buffett-owned Berkshire Hathaway has invested an undisclosed amount in the company.
Berkshire joins Ant Financial, SoftBank, Alibaba and SAIF Partners as key shareholders in Paytm. Todd Combs, investment manager at Berkshire Hathaway, has joined the board of directors of Paytm, that also includes Pallavi Shroff and Mark Schwartz as independent directors, according to the statement.
Todd Combs, Investment Manager, Berkshire Hathaway said, "I have been impressed by Paytm and am excited about being a part of its growth story, as it looks to transform payments and financial services in India."