It will help enhance credit expansion.
Quatrro Processing Services said it will be uniquely positioned to usher in disruptive changes in the Indian Credit Cards/Unsecured lending space through a strategic alliance with RS2, a Global Payments Software and Managed Service Provider.
As a result of the alliance, Quatrro will fulfill the national objective of not only enhancing digital payments but also stimulating the economy and GDP by enhancing credit expansion, especially unsecured credit.
RS2 offers an end-to-end hosted credit card processing and acquiring technology platform, for the Banks and Financial Institutions in India.
Credit cards have always played a major role in driving the economic growth of the world’s largest economies.
With the steep rise in the adoption of digital payments, credit cards have emerged as the next frontier of growth for electronic payments.
There are more than 30 million credit cards in India translating to a mere 3.5% of adult population, according to Reserve Bank of India data.
Quatrro’s innovative solution will combine RS2’s Card Management System and Merchant Management System with end-to-end processing capabilities to empower Banks and Financial Institutions to focus on core areas of growing their business portfolios, leaving the backend processing to Quatrro.
Quatrro will play a pivotal role in aligning FinTech companies and Banks to launch innovative credit offerings (both card and non-card based) and products that will enhance penetration and adoption of digital payments.
Raman Roy, Chairman and Managing Director at Quatrro says, “Quatrro has been at the forefront in providing best-in-breed payments and transaction processing services to Banks in the United States.
“Through the partnership with RS2, Quatrro will be able to introduce its innovative ‘Payment-Processing-as-a-Service’ model to the Indian banks and financial institutions at affordable price points.
“We are also delighted to contribute and play our part in promoting the Indian Government and NITI Aayog’s national mission of building a cashless economy by driving the growth of digital payments ecosystem across the country,” said Roy.
Radi Abd El Haj, CEO & Executive Director at RS2 says, “India is a huge market and there is a tremendous potential to enhance adoption of digital payments.
“RS2’s strategic partnership with Quatrro, the first-of-its-kind with any other payments processing company in the world, will enable us to gain entry into the strategically important Indian market and open up multitude of opportunities for us.
“Quatrro’s end-to-end processing capabilities and other value service proposition such as Data Analytics, Fraud and Risk Management will be utilized by RS2 to service its worldwide customer base within its Global Issuing and Acquiring business,” he said. fii-news.com
