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Another tie-up between FINO PayTech, Snapdeal

FINO PayTech, which has recently been given in-principle approval to set up a payments bank, has entered into a strategic tie-up with e-commerce firm Snapdeal. The tie-up envisages FINO PayTech to provide services, products and technology to enable creation of a payments ecosystem for the customers of Snapdeal. The two entities already have an existing strategic tie-up. Rishi Gupta, CEO & MD, FINO PayTech, said having associated with Snapdeal for assisted e-commerce services, the company is now looking forward to cement the relationship as it ventures into payments bank space. The collaboration is expected to create a payments ecosystem that will provide endless possibilities to Snapdeal customers through financial products and services offered by the proposed payments bank, he added. In addition to the assisted e-commerce, customers can now avail a host of services such as opening of payments bank’s wallet, recharging wallet by cash at physical outlets of FINO, and making payments for other services. FINO PayTech has already tied up with Snapdeal for assisted ecommerce, Yatra for travel booking and Tata Indicash for ATMs.

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