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Visa takes a big bet on commercial payments in India

May 23, 2022

Visa takes a big bet on commercial payments in India
Visa is taking a big bet on business-to-business (B2B) payments bolstering its corporate card-based solutions for commercial statutory payment use cases, for example, payments to suppliers, reconciliation and GST-based payments, a top executive of the card payment processing major has said.

Visa will investigate long haul partnerships with fintech’s to give solutions for the entire value chain of corporates and B2B suppliers, and may try and take a look at investing in some fintech’s, said Sandeep Ghosh, who was recently appointed as group country manager for Visa India and South Asia.

The fintech partnerships it is scouting are in the areas of dynamic underwriting solutions, as it looks to enable more small and medium businesses (SMBs) to receive the financing and benefits they need.

“In a recent couple of years, there has been an adoption of corporate and commercial cards for statutory payments like GST, procurement where businesses are understanding the benefits of adopting card-based payments and it is a major opportunity,” Ghosh told ET in an interaction. “When corporates leverage card-based payments to pay long-tail suppliers, they can introduce (repayment) flexibility, embed financing in payments, and bring the element of analytics, bookkeeping, and reconciliation for small businesses”.

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