IppoPay Forms Strategic Partnership with Visa to Propel Financial Inclusion for Small Businesses

IppoPay, a leading payment gateway and payout solution provider for small businesses, has recently announced a strategic partnership with global digital payments giant Visa. The collaboration aims to bring credit card offerings to small business owners, particularly focusing on enhancing financial inclusion in small cities and rural areas across the country. The credit card initiative is anticipated to provide crucial access to working capital, supporting entrepreneurs when needed.

Sujai Raina, VP and Head of Business Development at Visa India, emphasized the significance of the collaboration, stating, "These offerings will empower small merchants with access to working capital and affordable payment solutions, bolstering financial freedom and planning."

Visa has already surpassed its three-year target of digitally enabling 50 million micro and small businesses globally by June 2023. With a focus on digitizing payment processes and providing financial education, the company has assisted approximately 67 million micro and small businesses in meeting their evolving payment requirements.

Mohan K, CEO and Founder of IppoPay, highlighted the vast untapped potential in the small business segment in India. He stated, "The small business segment, which represents a base of over 100 million in India, is deeply underserved by conventional card providers, leaving an opportunity of over $330 billion completely unaddressed."

IppoPay, known for offering various merchant solutions such as QR UPI, prepaid cards, sound boxes, Point of Sale (PoS) devices, and digital loans, currently serves over 5 lakh merchants.

Notably, in November of this year, Visa, along with its non-profit initiative Visa Foundation, pledged $100 million to support underserved and women-led micro and small businesses in APEC economies over the next five years. This commitment aims to drive digital financial inclusion, job creation, and improved access to capital.

Other financial institutions have also recognized the importance of supporting small businesses. SBI Card introduced a credit card in September 2023 to expedite access to capital for small businesses. Similarly, AU Small Finance Bank launched its Business Cashback RuPay Credit card in May, offering benefits such as 2 percent cashback, 48-day interest-free credit, and instant loans.