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Visa has announced new collaborations with firms such as Paytm and PayU to enhance the adoption of digital payments in India.
The company introduced these innovative products and solutions during the Global Fintech Fest 2024, highlighting their potential to streamline payment processes and elevate transaction security and customer experience, according to a press release issued on Saturday, Aug. 31.
“These advancements, developed in collaboration with a range of partners, are set to drive digital payment adoption across India by streamlining payment processes and enhancing transaction security and customer experience,” Visa stated in the release.
One key partnership involves Indian fintech giant Paytm in the creation of the Paytm NFC Card Soundbox. This device, the first of its kind in India, integrates mobile QR payments with a card machine, catering specifically to offline merchants.
In another collaboration, Axis Bank, working alongside Visa and Mintoak, has launched Neo for merchants—a mobile app designed for payment acceptance, transaction reporting, and handling service requests.
Visa and PayU have also teamed up to introduce PayU Push Provisioning, a platform that enables the seamless sharing of card tokens between merchants and banks via a single, integrated platform.
Additionally, Visa is collaborating with HSBC Bank on two key projects: a point-of-sale (POS) device that combines QR scanning and soundbox capabilities, and the HSBC Premier Signature Debit Card, which offers perks such as hotel benefits, higher spending limits, exclusive dining offers, and global airport assistance.
India’s digital transformation has been a significant focus, with the country—once heavily reliant on cash—embarking on a digital payments journey over the past 15 years. The introduction of the instant Unified Payments Interface (UPI) in 2016 marked a major milestone in this transition. The government’s 2016 demonetization further accelerated the shift toward digital payments, leveraging the growing trend of mobile phone usage for various transactions among Indian citizens.
Bank transfers are the second most popular underlying payment method, accounting for 12% of digital wallet transactions.
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