Unified Payments Interface (UPI) present itself as an opportunity and not merely as a competition, card network major Visa Inc. CEO Ryan McInerney said, emphasising the potential for collaboration and growth within India's dynamic fintech landscape.
In his first trip to India after assuming CEO’s role in November 2022, McInerney was blown away by the country's digital payment scene, especially by UPI, QR codes and soundboxes, hailing the country’s digital payments innovations as transformative forces.
“What happened with UPI in India is nothing short of remarkable," remarked McInerney.
"We see it (UPI) as an opportunity for Visa...to help build on the financial inclusion that has happened as a result of UPI, work with banks to create new credit products, and empower consumers financially helping them to grow up the credit ladder and build wealth,” he said during a fireside chat at News18 Rising Bharat Summit 2024.
Ryan's optimism extended to the widespread adoption of QR payments in India, attributing inspiration to local fintech innovation.
"Indian fintechs have opened up our mind to the power of QR payments," he stated. "We're looking at other markets where QR might be the form factor that users prefer...and that very much came from the inspiration of what we've seen happen here in India."
In FY23, Visa network enabled $15 trillion in payments volumes and 276 billion transactions operating across 200 countries. India is among the key strategic market for Visa. Outside of their home base in US, India is the second largest employee base for the card network giant.
'World paying close attention to India Stack'
On being asked about leveraging India stack, the CEO remarked that the world is closely watching it.
"There is a meaningful opportunity to export the stack. Aadhaar, UPI, DigiLocker, ONDC...all of these elements of the stack are extraordinarily impressive. If you look at the product roadmap and transparency, I wouldn't put it (India stack) up against any of the best big tech players on the planet," the CEO said.
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