Fintech firm Zaggle Prepaid Ocean Services Ltd (Zaggle) on Wednesday (December 31) said it has executed an agreement with Visa Worldwide Pte Ltd (Visa).
The agreement will see Visa incentivise Zaggle to launch and promote co-branded domestic prepaid cards on the Visa network. The contract, classified as a growth agreement, is a domestic transaction and has been awarded by an international entity. The execution period for the agreement is seven years.
Zaggle confirmed that neither the promoter, promoter group, nor group companies have any interest in Visa, and the agreement does not fall within related party transactions.
Also Read: Zaggle moves to acquire Rivpe Technology as part of broader fintech push
In December this year, Zaggle Prepaid Ocean Services Ltd said it had entered into an agreement with Mastercard Asia/ Pacific Pte Ltd. Under the agreement, Zaggle will offer Mastercard credit cards and other solutions to its customers and prospects.
As part of the arrangement, the company will receive additional spend-linked incentives. The agreement has been classified as a referral agreement. Mastercard Asia/ Pacific Pte Ltd, which has awarded the contract, is an international entity. The agreement is valid for a period of five years.
Shares of Zaggle Prepaid Ocean Services Ltd ended at ₹347.85, down by ₹4.45, or 1.26%, on the BSE today, December 31.
Also Read: Zaggle aims to issue 1 million credit cards in 5 years after Rio acquisition
