Global payments network Visa has signed a memorandum of understanding (MoU) with the Andhra Pradesh Government to transform Vishakhapatnam into India’s first ‘less cash’ city.
Under this agreement, an initiative has been designed to provide foundation for the city to emerge as India’s ‘Fintech Valley’.
In order to achieve the goal, Visa will focus on driving payments digitisation and help to build the talent pool required in city organisations and in academia on emerging technologies such as blockchain.
It will also provide support to FinTech start-ups by providing access to Visa’s APIs by providing subject matter expertise and participating in boot camps and hackathons.
Through this project, it is aimed to ensure three-fold to five-fold increase on the 6,400 merchants currently accepting digital payments, and to increase customer adoption of electronic payments by 75 per cent to 100 per cent
This is part of Visa's global financial inclusion efforts that aim to provide 500 million underserved with a payment account by 2020.
FinTech Valley will act as a facilitator for information flow - a playground for innovators to disrupt traditional processes with new, more efficient, economically beneficial technologies that will change the way India does business.
Visa: Know More- Visa Inc. is an American multinational financial services corporation headquartered in Foster City, California, United States.
- Stock price: V (NYSE) US$ 88.43 +0.28 (+0.32%)
- CEO: Alfred F Kelly Jr (since 1 Dec 2016)
- Headquarters: Foster City, California, United States
