The CEO of Visa Inc has announced plans for investment in both the Generative AI sector and local fintechs. This strategic move aims to enhance curated payment experiences through the innovative capabilities of Generative AI.
“India is an innovator and exporter of fintech. The Indian fintechs have opened our minds to QR code payments.” said Ryan Mcinerney, CEO of Visa Inc in an exclusive interaction with CNBC-TV18’s Managing Editor Shereen Bhan at News18 Rising Bharat Summit.
The CEO recognises a vast opportunity in India and is eager to collaborate.
Visa Inc is deeply committed to India, “We are moving into our new office and a new market support centre. We recently also launched a new internal social media platform. We Want to use the Visa network in India in every possible way,” the CEO added.
For numerous years, the American payment card services corporation has established its presence in India. Responding to evolving market dynamics, Visa Inc has forged partnerships within India’s fintech and startup ecosystem.
The CEO emphasised, “Our focus lies in investing in the Generative AI domain and local fintech ventures. Generative AI holds the potential to significantly enhance payment experiences, particularly tailored ones. Moreover, it can serve as a powerful tool for empowering small businesses globally.”
Regarding the evolving regulatory landscape within the Indian industry, McInerney remarked, “Our aim is to not only comply but also set the standard in regulatory adherence. Indian regulators have been pioneers in fostering innovation, particularly in areas like tokenisation where they have led the way. We strongly believe that trust forms the cornerstone of digital payment success.”
Fintech sector in India
When asked about opportunities in Fintech, Mcinerney said, “Over the last several years, the narrative around fintech was that it was competitive for the financial system. Visa views fintech companies are potential partners. Fintechs in Silicon Valley are partnering with Visa. We are very much an open network, and want anyone to build on us.”
On IndiaStack he said, “There is a meaningful opportunity to export the stack. India’s leadership has made the world aware of the stack.” IndiaStack is a set of APIs that allows governments, businesses, startups and developers to utilise unique digital Infrastructure in digital economy.
Cyber frauds
When asked about rising cyber fraud and cyber attacks, Mcinerney said, “We take the responsibility of safeguarding our network. We get attacked 400-500 million times a month and stop thousands of fake mails every month. A good chunk of our employees are always working to check cyber fraud. We want to make our services available to other networks present out there. We need to remain invested in the safety of digital payments. Cyber protection is existential for digital payments.”
News18 Rising Bharat Summit is being held in New Delhi on March 19-20, 2024. It is Network 18’s marquee leadership event which sees insightful discussions, thought-provoking panels and visionary keynote address, the two-day event promises to bring together prominent thought leaders to explore Bharat’s ascent as a global power.
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