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Visa sees traction in partnerships with Indian banks and fintechs

Visa's Indian arm has been scaling its presence in India over the last year with multiple bank partnerships and tie-ups with fintechs. The company believes that partnering with new and tradition players will help grow its foothold in India and other emerging markets. The card payments giant posted a net profit of $3 billion in the second quarter of the current financial year (CY), according to its financial results. In the last year, Visa has partnered with State Bank of India and HDFC Bank to push their merchant payments acceptance network in the country, and with ICICI Bank it launched ‘Visa in a Box’, an accelerator programme for fintechs. In February this year, it joined hands with SBI Payment for the SBI YONO Merchant App launch which is a soft Point-of-Sale offering from the country's largest bank. Visa will enable 20 million merchants in the coming year to accept payments through 'Tap and Pay' or Near-Field-Communication (NFC) technology through YONO Merchant, a statement from the two companies said. During an earnings call with analysts, Alfred F. Kelly, Jr., Chairman and Chief Executive Officer, Visa Inc said that Visa's partnership with Paytm has led to 250,000 new contactless-enabled acceptance points to its network. He added that since September 2020, card issuances by Paytm have doubled to a total of 3 million cards. "Wallets and tap-to-phone are just a couple of next-gen partners and capabilities that we believe will help us bring the 1.7 billion unbanked into the financial mainstream, growing the pie…

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Reports on banking, payments, fintech and crypto-curencies. Additional reporting on media regulations, data protection and other areas.

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