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Demonetization Helped Visa Grow Fastest in 5 Years
November 17, 2017
Visa, which is one of the largest card payment companies in the world, grew at the fastest pace in the last 5 years in India during 2016-17.
According to a senior executive of the firm, the note-ban was one of the biggest contributors to this, as it encouraged the people to opt for digital transactions.
Visa’s global chief financial officer Vasant Prabhu, who was present at the UBS Global Technology Conference said that for a long time, India was a cash-based society. However, for a time they were forced to use other payment channels.
Visa’s revenue increased by 29% for FY17 in India, as per the data available with the Registrar of Companies.
