Visa has partnered with Indian online payment gateway BillDesk to launch SI-Hub, an interface to enable recurring payments.
Users can use this plug-n-play offering to make recurring payments and standing instructions with their cards through a one-time enrolment.
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It can be used for making utility payments, subscription renewals and mutual fund SIPs, among others.
Visa India and South Asia group country manager TR Ramachandran said: “Visa is glad to partner with BillDesk to offer SI-Hub to its clients and enable cardholders to decide when, how much and the duration of their recurring payments through a simple dashboard interface.
“The SI-Hub is a plug-n-play offering by BillDesk that banks can roll out to their customers with minimal integration effort.”
In India, people from lower-middle-income category pays an average of 42 utility bills annually, according to a World Bank report. The collaboration aims to cater to this growing need for recurring payments.
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By GlobalDataLast year, Visa acquired a minority stake in Billdesk. Financial terms of the deal and the size of the stake purchased were not divulged.
Every year, BillDesk is said to process more than $60bn of electronic payments.
With the backing of Visa, BillDesk announced its plans to foray into new markets and bolster payments product portfolio.
