Visa aims to win at least its “fair share” of the developing cashless payment market being created in India with low cost and low hassle solutions for merchants, CEO Alfred Kelly said.
Speaking on the company’s fiscal Q3 earnings call last week, Kelly said India was an exciting market, but to take advantage of its mobile-focused payments evolution Visa would have to vie with companies going beyond services offered by its traditional competitors.
Following the drive towards a “less-cash” economy in India during the last year, Visa stepped-up its roll-out of merchant payment technology designed to accept payments through mobile. The company currently offers merchants a QR-code system compatible with mVisa-based payment apps.
“Because it’s an exciting market and a lot is going on, there’s a number of players trying to get into the market,” Kelly told investors. “We clearly have to have a way that’s low cost, low hassle, low friction to enable merchants to sign up.”
“It is very, very early in the payments maturation curve for India,” he said. “There is years to still play out here and we’re going to do everything we can to take advantage of our heritage and tradition, our brand, our different product sets, our security, the globality of our network as well as our digital tools to make sure that we’re winning at least our fair share, if not more, of the business in India as it grows.”
Kelly added the company must also recognise “we’ve got competitors that go beyond just the traditional players that we’ve competed with over the last number of decades.”
India’s mobile-focused payment evolution has become an increasingly hot area during recent months as global wallet providers look to extend their reach into the country and established players develop new services.
The country’s authorities are also playing a major role, building-out infrastructure to support new payment services and bringing traditional banks into the fold.