The investment will be subject to necessary statutory approvals and is expected to have no direct bearing on Visa’s existing Indian business.
Visa announced a minority investment in BillDesk, a leading platform for online payments and bill payments in India. Visa’s investment and collaboration will help BillDesk develop new product lines for its payments and loyalty businesses and also expand its footprint into other geographies.
“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. This investment further reinforces our long-term commitment to India’s digital payments growth story,” said Asia Pacific regional president, Chris Clark.
“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.