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July 30, 2019

Banking platform Open partners Visa to launch business credit card

Indian SME-focussed neo-banking platform Open has entered into a partnership global payment leader Visa.

The partnership will enable Open to launch new products including a business credit card for SMEs.

The business card is designed to enable start-ups to qualify based on funding and not on credit history. The offering comes with a suite of tools to enable the businesses manage their expenses and payouts.

The businesses can issue the cards to its employees and set predefined limits. It is integrated with Whatsapp to enable swift expense filing.

Furthermore, the start-ups can earn points on their spending with the business card. Later, they can redeem the points on various software subscriptions, cloud hosting and receive discounts on co-working spaces.

Besides launching the business card, Open will leverage its partnership with Visa to improve API banking suite, called Layer, by adding new features including real time payments settlement and refunds.

Open co-founder and CEO Anish Achuthan said: “We are excited to partner with Visa in our journey to make business banking simple & easy for millions of small businesses in India.

“This partnership will enable Open to leverage the leadership & expertise Visa have in the payments space to co-create and innovate new solutions on credit, expense management & payment processing for small businesses.”

Earlier this month, Visa acquired German point of sale (POS) payment gateway software provider Payworks.

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