Newsletter
Zaggle Prepaid Ocean Services has signed a seven-year agreement with Visa to roll out co-branded domestic prepaid cards in India.
What’s happening: under the deal, Visa will actively support and incentivise Zaggle to launch and promote these cards on its network.
While Visa is a global player, the agreement itself is focused entirely on domestic transactions, making it a long-term growth play rather than a one-off tie-up.
This is not Zaggle’s first big move in payments. Just last month, the company announced a partnership with Mastercard Asia Pacific, which allows it to offer Mastercard credit cards and related solutions to both existing and potential customers.
The expansion play: Zaggle is building out its fintech ecosystem across multiple payment networks instead of relying on just one. The company has been pushing growth through strategic partnerships and acquisitions, including Rivpe Technology acquisition and a roadmap to issue one million credit cards over the next five years.
With a seven-year runway from Visa and a five-year partnership with Mastercard, Zaggle now has the long-term structure it needs to scale its prepaid and credit card offerings.
Quick bite: over the next five years, credit card usage in India is set to surge. Both the number of transactions and the money spent on cards are expected to grow at a little over 20% annually. By FY30, that translates into roughly 13 billion credit card transactions, adding up to a massive ₹54 trillion in value.
