In order to expand its footprint in the South Asian nation, Visa Inc, a multinational payments processor, will pick up a minority stake in Indian payment gateway BillDesk.
Through this investment, BillDesk will develop new product lines for its payments and loyalty businesses and also expand its footprint into other regions.
BillDesk, a Mumbai-based firm, processes more than $60 billion of digital payments a year. It offers customers payment options, including credit cards and online wallets, to carry out purchases.
Chris Clark, Asia Pacific Regional President of Visa, said, "As a leading payments player in India, BillDesk has been a long time business partner to Visa. Having worked with BillDesk's founders over the years, the Visa leadership has been consistently impressed with their vision, market knowledge and execution capabilities, as well as alignment on values. This investment further reinforces our long-term commitment to Indias digital payments growth story."
MN Srinivasu, Co-founder, BillDesk, also stated, "We are truly excited by this investment from the world's largest global payment network, Visa. We now look forward to building new products and solutions that benefit merchants as well as consumers. Visa with its deep network and strong relationships is a great partner as well looking to offer our services in other markets."