The global payments industry has rapidly evolved, led by India's initiatives in enhancing financial inclusion through accessible digital payments. The India Stack has been pivotal in democratizing various aspects, aiding India in surpassing its financial inclusion goals. India's transition to a "less-cash" economy has propelled it to the world's fifth-largest economy, integrating millions into the financial system. Visa's support for financial inclusion, especially empowering women-led businesses, showcases a commitment to India's digital future and global economic growth.
The global payments industry has witnessed a rapid evolution, reshaping digital commerce and enhancing financial inclusion on a global scale. India, a pioneer in this transformation, has spearheaded efforts to make digital payments accessible to all.
At the forefront of this progress is the India Stack, a driving force behind innovation, democratizing identity, data, payments, and governance. Through its widespread adoption, the India Stack has played a pivotal role in helping India surpass its financial inclusion goal of 80%.
The remarkable pace of change in the last decade has propelled India to the position of the world’s fifth largest economy. The country's concerted efforts towards transitioning to a "less-cash" economy are integrating half a billion underserved Indians into the economic landscape, propelling it as one of the fastest-growing economies globally. As the Vice Chair of Visa, the commitment to advancing financial inclusion is seen as fundamental to fostering sustained economic growth. India's strides are setting a precedent for the future of payments worldwide.
India's robust digital payments infrastructure has not only opened doors for economic participation but has also created avenues for women to contribute significantly to the economy. Presently, 55% of Indian women possess bank accounts, with over 20% leading micro, small, and medium-sized enterprises (MSMEs). Recognizing the pivotal role of small businesses in any economy, Visa remains dedicated to supporting India's drive to bridge the digital gap, particularly by empowering women-led businesses with access to resources and expertise.
As India embraces a larger segment into the formal financial system, ensuring the safety and reliability of digital payments is paramount for its sustained economic success. With Visa's expertise in global payments, cutting-edge technology, and top-notch fraud prevention solutions, the commitment to supporting India's ambitious digital payments agenda remains unwavering.
A secure payments ecosystem is essential to combat the escalating cyber threats worldwide. Visa's substantial investments in excess of $10 billion to combat fraud globally have yielded significant breakthroughs, with AI-driven solutions saving customers an estimated $40 billion annually. The contributions of Visa's technologists in India have been instrumental in pioneering key global products and solutions, benefitting not just India but economies worldwide.
Having had numerous enriching experiences in India, the focus remains on collaboration and learning to build upon Visa's enduring legacy in the country. The potential for digital payments to further revolutionize India's economy is immense, offering unprecedented opportunities to drive economic empowerment and inclusion across the nation. Visa is committed to being a steadfast ally to India, supporting the nation's digital payments revolution and fostering its continued growth.
(Above is summary of the article written by Kelly Mahon Tullier, Vice Chair & Chief People and Corporate Affairs Officer, Visa)
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