Global payment solutions major Visa is concentrating on the low-ticket and high-volume digital transactions in India rather than catering to just the rich segment, a top official has said. The American company also feels interoperability within the prepaid payment instruments is a positive for it as its network can act as the bridge to facilitate there.
“The larger opportunity given where India is in terms of digital payment penetration...The larger opportunity is in the non-discretionary segments,” its group country manager TR Ramachandran told PTI. “Massification of digital is the thrust area. Affluent (segment) and credit cards is always there. You can make a tweak here, a tweak there. I am not saying that is not important,” he added. Elaborating on the non-discretionary spends, he said making inroads into payments like hospitals and citizen-to- Government will be the key. When asked if the company, which is fighting competition from its global rival Mastercard as well as the state-backed Rupay, is looking at volume play to grow its localbusiness, he said, “I would say digital penetration is the focus, volumes would accrue naturally.”