Visa International:huge Growth In Plastic Money Transactions
Visa International said that it expects an enormous growth in plastic money transactions in India in the next five-years.
"The usage of plastic money now is just 2.5 % of the USD-700 billion consumers are spending in India annually," Visa International Country Head, Uttam Nayak, told PTI today, after the company was selected by State Bank of India (SBI) as a joint venture partner for the merchant acquiring business.
The international average (of plastic money usage) is 9 %.
"Within the next five-years, we see a huge potential in this field. More people are converting to plastic money," he said.
It is Visa's first such kind of joint venture here and it expects that the tremendous success it gained in Brazil can be repeated in India, he said.
Visa entered Brazil through such a joint venture and within 12-years the number of terminals rose to 1.2-million from the earlier 50,000, he said.
Earlier today, India's largest lender
SBI said it has selected US-based Elavon Incorporation and Visa International as its joint venture partners for the merchant acquiring business.
This is after the bank had floated a Request For Proposal (RFP) for selection of joint venture (JV) partners for merchant acquiring business last year.
Know More And Apply for
SBI Credit Cardby: Dealfor Loans
Free Ways to Make Fast Money in Your Spare Time Quick Lightyear Wireless Review Notes Best Bridal Ideas for People Who Have Set Larger Budget Review About Matt Bacak and Alen Sultanic's Mass Money Makers – The Start Of Something Big How To Get Started In Financial Investment Money Making Ideas - Make Fast Money by Being Ahead of the Seasons Quick Money Making Ideas That Work The Connecticut Budget Is Drawn Up In The Middle Of The Foreclosure Crisis Who's Really Looking After Your Heart? Review Pounds till payday- Ultimate deal to diffuse your financial problems The Good And Bad Of Quick Money Sensational Smoothies Review Rosetta Stone Spanish Review