Visa invests in Indian payment company

India’s online payments and bill payments platform, BillDesk, will develop new product lines with the support of Visa Inc following a minority investment

Visa’s investment and collaboration will also help BillDesk develop loyalty businesses and also expand its footprint into other geographies.

The investment will be subject to necessary statutory approvals and is expected to have no direct bearing on Visa’s existing Indian business, said Visa in a press release on 16 Nov 2018.

“As a leading payments player in India, BillDesk has been a long-time business partner to Visa. Having worked with BillDesk’s founders over the years, the Visa leadership has been consistently impressed with their vision, market knowledge and execution capabilities, as well as alignment on values,” said Asia Pacific regional president, Chris Clark.

“This investment further reinforces our long-term commitment to India’s digital payments growth story,” he emphasized.

“We are truly excited by this investment from the world’s largest global payment network, Visa.

“We now look forward to building new products and solutions that benefit merchants as well as consumers. Visa with its deep network and strong relationships is a great partner as well looking to offer our services in other markets,” said M N Srinivasu, Co-founder, BillDesk.

This is Visa’s latest partnership and investment with emerging payment innovators.

As a global payments’ technology company, Visa continually partners with technology and financial services businesses across the world – especially those that have the potential to advance digital payments growth for clients and customers.

Previous investments have included Paidy, Behalf, Marqeta, Payworks, Klarna, LoopPay (acquired by Samsung), Square and Stripe, among others.

BillDesk company processes over US$60 billion of digital payments annually. fiinews.com