Visa, payments technology giant, today announced the onboarding of LivQuik, the Future Group backed payments technology firm via Visa’s Fintech Fastrack Programme in India.
The Visa Fintech Fastrack Programme makes it convenient for the fintechs to access the global Visa payments network. The programme is part of Visa’s global strategy placed to open its network and support a broad range of players that are developing novel commerce experiences. The fintech fast-track programme offers a new commercial framework that involves eased access to Visa’s payment capabilities and streamlined processes in a bid to support companies of different sizes and at different growth phases.
An RBI-approved prepaid payment issuer (PPI) and Full-Fledged Money Changer (FFMC), LivQuik provides payment gateway and enterprise fintech software development services and has been handling the Future Pay platform. This venture between the two companies will enable LivQuik to issue Visa Prepaid credentials, process Visa Direct transactions for foreign inward remittance and enable other fintechs to issue co-branded Visa Prepaid Cards.
TR Ramachandran, Group Country Manager, India and South Asia, Visa said, “Fintechs such as LivQuik will play a critical role in improving financial access in India. LivQuik’s foray into issuance of Visa prepaid cards will provide a platform for multiple use-cases for both consumer and business users. We are delighted to welcome LivQuik to the Visa network and look forward to supporting their efforts to enable new experiences in payments.”
LivQuik’s CEO Mohit Lalvani said, “In a post-Covid world, consumer’s payment behavior is going to evolve significantly and we will work closely with Visa and Future Group to enhance the shopping experience. While this partnership is an endorsement to the company for the innovative work done in the fintech space, we are confident that it will also enable us to significantly expand our product and solution offerings.”
Kishore Biyani, Founder, Future Group said “LivQuik has been a key enabler and catalyst for our Future Pay platform across our brands for payments at retail stores. Visa’s global digital payments technology and expertise with the agility of LivQuik will further build this transformation journey for the payments ecosystem in consumer business.”