At the AtomNews World Leaders Forum 2024, Kelly Mahon Tullier, Vice Chair and Chief People and Corporate Affairs Officer at Visa, shared her vision for expanding digital payments and enhancing financial inclusion. Tullier emphasized Visa’s pivotal role in advancing the digital economy, especially in India, through innovation, strategic partnerships, and support for small businesses and women entrepreneurs.
Visa’s Evolving Role in the Digital Economy
While Visa is widely recognized for its credit and debit card services, Tullier highlighted the company’s broader mission. “Visa started as a credit card company, but our purpose extends far beyond that,” she explained. “We aim to uplift everyone everywhere by being the best way to pay and be paid. This involves empowering people through the digital economy, which goes beyond just card payments.”
In India, Visa has been instrumental in embracing innovations like UPI (Unified Payments Interface) and real-time payment networks. Tullier noted, “Visa sees India as a hub of innovation, contributing significantly to global payment solutions.”
Facilitating the Shift from Cash to Digital Payments
Despite India’s progress in digital financial inclusion, a large portion of transactions still occur in cash. Tullier discussed Visa’s strategy for addressing this challenge: “Bringing people into the digital economy is just the beginning. Once they are engaged in digital commerce, our goal is to accelerate their growth through products such as credit lines and other financial services.”
Visa’s efforts in India are complemented by its Bengaluru innovation hub, which has grown from 3,000 to 4,000 engineers in the past year. “Our Bengaluru campus is a key tech hub, developing flexible products in partnership with clients globally, from Japan to the US,” Tullier added.
Balancing Risk and Innovation in Financial Technology
The regulatory environment plays a crucial role in ensuring the safety and efficacy of new payment technologies. Tullier acknowledged the importance of this balance: “Regulators and Visa share the same objective—to ensure payment methods are fast, secure, and user-friendly for both customers and merchants. We closely collaborate with regulatory bodies to align on these goals.”
Enhancing Remittance Services for a Global Workforce
For the global Indian diaspora needing secure and swift remittance services, Visa offers solutions like Visa Direct. “Remittances must be safe, secure, and fast. Visa Direct ensures that money reaches its destination securely and efficiently,” Tullier said. This service is designed to handle both domestic and international transactions with ease.
Supporting Small and Medium Enterprises (SMEs)
Small and medium-sized enterprises (SMEs) are a vital component of the global economy, employing a significant portion of the workforce. Tullier emphasized Visa’s focus on supporting these businesses: “We tailor our products to meet the unique needs of SMEs, providing services such as insurance for business operations and employees, rather than just travel rewards or entertainment perks.”
Empowering Women Entrepreneurs in India
Tullier also shared insights from her recent engagement with women entrepreneurs in Mumbai. Visa, in collaboration with United Way of Mumbai, runs a program aimed at supporting female entrepreneurs. “We’re committed to providing training and tools to help women entrepreneurs thrive in the digital economy,” she said. This initiative reflects Visa’s broader goal of fostering financial inclusion and empowering diverse groups within the economy.
Driving Digital Inclusion and Economic Growth
Visa’s commitment to enhancing digital payments and financial inclusion is evident through its innovative solutions and partnerships. Kelly Mahon Tullier’s insights at the AtomNews World Leaders Forum underscore Visa’s role in transforming financial services, supporting SMEs, and empowering women entrepreneurs. As Visa continues to drive innovation and inclusion, its impact on the global and Indian digital economy remains profound and transformative.
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