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Notably, the India Stack has been a catalyst driving innovation and serving to democratize identity, data, payments, and governance. With its scale and rapid adoption, India Stack has helped India achieve its financial inclusion target of 80%. (1)
It is truly remarkable to see the rapid pace of change over the past decade making India the world’s fifth largest economy. India’s concerted push towards a “less-cash” economy is bringing half a billion Indians from underserved communities into the country’s economy; a key factor leading the country to becoming one of the world’s fastest growing economies. As Vice Chair of Visa, I strongly believe that advancing financial inclusion is the key to building sustained economic growth and India is creating a model for the future of payments globally.
India’s world class digital payments infrastructure has also fast-tracked opportunities for women to contribute to India’s economy. Today, 55% (2) of Indian women hold bank accounts. Importantly, women also lead more than 20% of India’s micro, small and medium-sized enterprises (MSMEs). (3)
At Visa, we believe that small businesses are the heartbeat of any economy. And as we continue to support India’s ambition to close the digital divide, we are focused on providing women-owned businesses with access to capital and skills. Visa has partnered with Indian NGOs and investors to support millions of women-led small businesses throughout the country, and we will continue this work to create positive socioeconomic eUects throughout communities.
As India welcomes more people into the formal financial system, the safety, security and reliability of digital payments is paramount to the country’s continued economic success. With Visa’s global payments expertise, cutting-edge technology, and world-leading fraud prevention and cyber security solutions, we are committed to being a valued partner to India as it expands its ambitious digital payments agenda.
Critical to this ambition is a secure payments system to combat growing cyber threats, as criminals continue to get more aggressive and sophisticated. Globally, Visa has invested more than $10 billion to combat fraud. We have made significant breakthroughs in the fight against fraud and scams, with our AI-driven fraud-fighting solutions saving customers an estimated $40 billion per year, worldwide.
We are very proud of the fact that many of Visa’s key global products and solutions, including fraud and security innovations, have been pioneered and built by technologists in India, at our Bengaluru centre, which is Visa’s largest global oUice. Today, these ‘made in India’ solutions are benefitting India and economies around the globe.
I have had the privilege of visiting India many times over my career, and I am always inspired by the country’s dynamism and entrepreneurial spirit. When I visit this week, I look forward to learning and collaborating with partners, employees, and stakeholders as we look to build on Visa’s more than 40-year rich legacy in the country.
The potential for digital payments to further transform India’s economy is massive. We see boundless opportunities to make the future of commerce available to everyone, everywhere by accelerating the next stage of India’s growth and leveraging digital inclusion to pave the way for economic empowerment across the country. Visa looks forward to continuing being an ally to India and a critical partner in advancing its next phase of digital payments revolution.
1. World Bank Document
2. https://www.thehindubusinessline.com/data-stories/data-focus/50-per-cent-of-women-owned-msmes-in-five-
3. https://m.economictimes.com/small-biz/sme-sector/msme-day-2024-participation-of-women-in-msmes-increases-but-challenges-remain/articleshow/111304307.cms
(The author is Vice Chair & Chief People and Corporate Affairs Officer, Visa. She will be speaking at the ET World Leaders Forum on August 31 in New Delhi.)