Visa is currently partnering with companies such as Paytm and PayU to promote digital payment practices in India.
The mentioned giant of the payment industry presented products and solutions within the framework of the specified partnership. The relevant functional offerings were demonstrated at the Global Fintech Fest 2024. Information about this presentation is contained in a press release that was published by Visa.
The mentioned press release also notes that the presented advancements, developed within the framework of partnerships, are designed to stimulate the implementation of the process of introducing digital payment transactions throughout India. Moreover, in this context, it was separately underlined that the achievement of the declared goal will be reached by streamlining payment processes. It was also noted that the promotion of digital financial operations in the South Asian country will be driven by increasing the level of transaction security and improving the quality of customer experience.
One of the projects implemented by the giant of the payment industry in India as part of cooperation with partners is the creation of the Paytm NFC card Soundbox. The Indian company FinTech Paytm is taking part in the relevant project. The mentioned NFC card is characterized as the first two-in-one device in a South Asian country. This product combines mobile QR payments with a card machine for offline merchants.
At the same time, Axis Bank, which cooperates with Visa and Mintoak, launched a digital product called Neo. This product is intended for merchants. Neo is a mobile app that allows merchants to accept payments. Functional solutions such as transaction reporting and service requests are also provided as part of this digital product.
In cooperation with PayU, Visa has implemented PayU Push Provisioning. This joint digital product of the payment industry giant and its Indian partner is a platform that facilitates the seamless sharing of card tokens between merchants and banks.
Visa is also currently cooperating with HSBC. Two projects are being implemented as part of the interaction between the giant of the payment industry and one of the most famous financial institutions in the world. One of the relevant partnership initiatives involves the development of a point-of-sale (POS) that combines QR scanning and a soundbox.
The second project, which is being implemented within the framework of cooperation between Visa and HSBC, is related to the enabling of a debit card. The mentioned product will be named HSBC Premier Signature. In this case, users will be provided with benefits such as hotel perks, higher spending limits, special dining offers, and airport assistance around the world.
It is worth noting that there is currently a process of digital transformation in India. The corresponding tendency is largely manifested in the space of the local financial industry. Traditionally, India as an economic environment relied on cash, which eventually even formed the country’s appropriate dependence. The local process of digital transformation began about 15 years ago. At the same time, a significant part of the Indian population is already interacting with the fintech environment. As part of the process of digital transformation in the South Asian country, one of the most significant stages was the introduction of the instant Unified Payments Interface (UPI) in 2016. It is also worth noting that in the mentioned year, demonetization helped accelerate the scaling of the practice of digital payment transactions. Against this background, the tendency of Indian residents to use smartphones to make various financial operations has increased.
The results of industry research indicate that in the South Asian country, digital wallets have become the preferred payment method for more than half of all retail purchases. Also in India, 80% of consumers of relevant virtual products prefer to interact with UPI. The second most popular payment method in the South Asian country is bank money transfers. Currently, 12% of payment transactions using digital wallets belong to the mentioned functional category.
The choice of Indian residents in favor of virtual wallets and UPI is a reflection of convenience and ease of use.
It is also worth noting that digital transformation is a global process that covers many countries of the world. The corresponding massive process, which largely determines the content of the current moment in the historical development of human civilization, extends to almost all aspects and dimensions of people’s lives. Virtual space, which is actually a new format of the being, in the future, with a high degree of probability, can become a kind of autonomous digital form of life from the point of view of a broad philosophical interpretation of this concept. The mentioned global tendency fully extends to the fintech industry. Digital payments are convenient and fast. Moreover, the already begun implementation of artificial intelligence into the appropriate functional environment increases the level of efficiency, improves accuracy, and eliminates the risk of errors, since in this case, it is not the human factor that acts, but a virtual algorithm that strictly adheres to all norms and rules.
As we have reported earlier, Google Expands Partnership With UPI.
