This Article is From Nov 16, 2018

Visa To Acquire Stake In Mumbai-Based BillDesk

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.

Visa To Acquire Stake In Mumbai-Based BillDesk

Visa said the investment would be subject to statutory approvals

Payments processor Visa Inc said on Friday it is taking a minority stake in Mumbai-based payment gateway BillDesk, as it seeks to grab a bigger slice of one of the fastest growing digital payments markets in the world.

Both companies did not disclose the terms of the deal, but the local media had reported a few months ago that Visa was looking to invest close to $250 million in BillDesk, valuing the company at around $1.5 billion-$2 billion.

The investment follows comments from Finance Minister Arun Jaitley said Mastercard and Visa were losing market share to domestic payments networks.

Visa's investment in BillDesk is expected to have no direct bearing on its existing business in the country, the company said in a statement.

Mumbai-based BillDesk processes over $60 billion of digital payments a year and provides customers payment options, including credit cards and online wallets, to carry out purchases.

The company earns by charging commission from clients on these transactions.

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