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FINTECH-How Visa’s collaboration with fintechs is helping the ecosystem thrive-B-AIM PICK SELECTS

The Indian fintech industry has witnessed unprecedented growth in the last few years with few impediments in sight. In fact, as per Niti Aayog, as fintech continues to boom, digital payments space, is set to grow to $1 trillion by 2023. While demonetisation acted as a stepping stone for Indian consumers to go digital, their acceptance to adapt and change is reflected in India being ranked second globally in Fintech adoption during 2018, with its percentage of Fintech users at 57.9 percent. Although it still lags China’s 83.5 percent, it has surpassed other developed countries, where fintech adoption on average stands at 34.2 percent. Opportunity for growth and innovation Utilizing new-age technologies like AI, Blockchain and Internet of Things (IoT), fintech players are innovating in the space of real-time payments on the back of the rise of digital commerce. Such innovations prompt the need for support for scalable tools, vast global reach and rapid expansion, among others. This is where Visa is contributing towards the growth of fintech in India by collaborating with these new-age companies which are seeking to redefine the financial services industry with their innovative and customer-friendly solutions. Be it launching a new card programme, certifying their payment solution, finding the right partners or building on Visa’s APIs, the global payments platform is providing them with expertise, engagement programmes, solutions, and its own network. One of the budding fintechs that Visa has partnered with in India is Open – Asia’s first neo- banking platform for SMEs and start- ups. The partnership with Visa has enabled Open to launch a suite of innovative products that include a business credit card for SMEs, payment gateway acquiring and real-time payments. Open launched the ‘Founder’s Card’ in partnership with Visa at Singapore Fintech Festival 2019. Early advantage With a bouquet of APIs as well as initiatives for client outreach, among others, Visa has helped partner fintechs get a head start in their business relationships. For Zaggle, a fintech company which uses Deep Tech and Artificial Intelligence to provide platform solutions to businesses, for expense management and employee reimbursements as well as for rewards and recognition, partnering with Visa has helped them craft innovative solutions to bring more value to their users.Read more at:

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