In order to achieve its target of doubling its card acceptance base in the country by the end of 2003, Visa International is now focusing on three new areas — cellular, basic telecom and petroleum companies — for issuing co-branded credit cards.
With dominant market share of 56 per cent in credit card industry in the country, Visa has 23 member banks in India, including foreign, private and nationalised banks with over 2.67 million cards.
Visa is also planning to launch “affinity-cards” in association with non-government organisations like Child Relief and You (CRY) and World-Wide Fund. Visa International has set an ambitious target to increase merchant establishment from 110,000 to over two lakhs in the next two years and also doubling its Visa Electron sale terminal from the existing 15000.
India is one of the fastest growing market for Visa in the Asia-Pacific region. Apart from credit cards, Visa has established largest cash advance facility, with over 1,100 ATMs and 6,600 cash disbursement branches in 130 towns and cities in the country.
The company has also entered into a strategic alliance with Venture Infotek to enhance the growth and development of the country’s payment card industry.