Economy

Visa to take minority stake in BillDesk

Updated : November 16, 2018 09:27 PM IST

The investment will be subject to statutory approvals and is expected to have no direct bearing on Visa's existing India business, the company said in a statement.

Visa's latest move comes a week after India's finance minister said Mastercard and Visa were losing market share to domestic payments networks.

Payments processor Visa Inc said on Friday it is taking a minority stake in Indian payment gateway BillDesk to expand its footprint in the south Asian country.

The investment will be subject to statutory approvals and is expected to have no direct bearing on Visa's existing India business, the company said in a statement.

Visa's latest move comes a week after India's finance minister said Mastercard and Visa were losing market share to domestic payments networks.

Earlier Mastercard had complained to the US government that Prime Minister Narendra Modi was using nationalism to promote a local rival.

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