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Visa CEO sees big potential in UPI for India’s fintech.

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TLDR:

  • Visa’s CEO Ryan McInerney sees UPI as an opportunity for collaboration and growth in India’s fintech scene
  • India’s advancements in digital payments, especially with UPI and QR codes, are viewed as transformative forces by Visa

In the financial year 2023, Visa’s network facilitated payments amounting to $15 trillion and processed 276 billion transactions across 200 countries. India is a significant market for Visa, with the second-largest employee base after the US. CEO Ryan McInerney praised the Unified Payments Interface (UPI) in India, highlighting it as an opportunity for collaboration rather than competition. During his visit in November 2022, he was impressed by India’s digital payment landscape, emphasizing potential partnerships with banks to create new credit products and promote financial inclusion.

McInerney also commended Indian fintechs for their innovation with QR payments, citing their exploration of other markets where QR could become the preferred payment method. He sees the potential for India’s stack, including Aadhaar, UPI, DigiLocker, and ONDC, to be exported globally, stating that it could rival big tech players. The CEO expressed optimism about the global potential of India’s fintech scene, positioning Visa for further growth and collaboration in the market.

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