Amid Visa Inc's rising concerns over domestic card network RuPay's growth and backing from the Indian government, the United States-based company is seeing a rejig in its India leadership.
TR Ramachandran, who served as the Group Country Manager for Visa in India and South Asia since 2015, will now move to Singapore to assume a regional role leading the company’s newly created New Payment Flows business, the company said in a statement.
He will be succeeded by EY executive Sandeep Ghosh, whose last role was Partner and Leader of the Financial Services Consulting practice of EY for India. He has previously worked in roles such as Chief Executive Officer at Bharti AXA Life, led commercial banking verticals of Australia and New Zealand (ANZ) Banking Group, Royal Bank of Scotland and Citi for Asia and India.
Ghosh is an IIM Ahmedabad graduate where he completed his MBA in Marketing and Strategy.
Both Ramachandran and Ghosh will transition to their new roles in the coming months.
"Ram joined Visa in 2015 to lead Visa‘s business across India and South Asia. During that time, he has overseen a significant expansion of the company as Visa’s international capabilities helped support the burgeoning growth of electronic payments across his area of responsibility," Visa said.
Visa Inc's regional president Chris Clark said, "We are excited to welcome Sandeep to the team. His deep experience in supporting clients to transform their businesses is exactly what is needed in such a dynamic market.”
News agency Reuters reported on November 29 that Visa has ‘complained’ to the United States government that the Indian government’s promotion of homegrown card network RuPay is hurting Visa’s prospects.
"Visa remains concerned about India's informal and formal policies that appear to favour the business of National Payments Corporation of India (NPCI) over other domestic and foreign electronic payments companies," the report said quoting a memo prepared for U.S. Trade Representative (USTR) Katherine Tai.
In response to this, former NPCI CEO AP Hota told Moneycontrol that international card networks Visa and MasterCard have nothing to worry about as the Indian market is huge and has an appetite for multiple players.
"International card players (like Visa and MasterCard) have been complaining ever since RuPay was made part of the Pradhan Mantri Jan Dhan Yojana (PMJDY). They need not get scared. They should focus on what India needs and review their products wherever necessary instead of complaining about the success of RuPay," he said.