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Visa Brings Virtual Card Payment Facility to Clients Worldwide

23Nov By AnkitaNo Comments

News

Visa Brings Virtual Card Payment Facility to Clients Worldwide

SAN FRANCISCO, November 23rd, 2020-- Visa (NYSE:V), the world’s leader in digital payments launch Visa Commercial Pay, a suite of B2B payment solutions, to help improve cash flow for businesses and eliminate outdated manual processes. Virtual commercial cards have never been more necessary than today. Remote workers are turning to personal cards to pay for corporate expenses, buyers and suppliers need more efficient ways to pay and get paid, and businesses need immediate visibility into their company spend to improve cash flow and mitigate risk efficiently. Visa Commercial Pay provides comprehensive card-program management capabilities, including on-demand virtual card issuance to employees’ mobile devices via an app, created exclusively by Conferma Pay and Visa, for Visa’s commerci...

Spending on U.S. Credit, Debit, and Prepaid Cards to Top $10 trillion

12Nov By PriyankaNo Comments

USA

Spending on U.S. Credit, Debit, and Prepaid Cards to Top $10 trillion

CARPINTERIA, Calif., Nov. 11, 2019- Spending for goods and services initiated by credit, debit, and prepaid cards issued in the United States, which totaled $7.266 trillion in 2018, is projected to reach $10.086 trillion in 2023 according to statistics released this week from The Nilson Report, the leading card, and mobile payment industry trade publication. At the end of 2018, there were 6.96 billion credit, debit, and prepaid cards in circulation in the U.S. That total is expected to reach 8.02 billion at the end of 2023. "When nearly 7 billion payment cards generate more than $7 trillion in purchases of goods and services…you have to conclude the state of the card business is very good," said David Robertson, Publisher of The Nilson Report. Credit cards accounted for 54.17% of...

15Sep By Press Trust of IndiaNo Comments

ACQUISITION

Visa Completes Acquisition of Verifi

San Francisco, United States: Visa has completed the acquisition of Verifi, a leader in technology solutions that reduce chargebacks. The acquisition of Verifi strengthens Visa’s role of facilitating trust and transparency across the buying experience by extending its dispute resolution capabilities to support a broad range of payments brands and partners across the ecosystem. The combination of Verifi’s best-in-class dispute resolution tools with Visa’s suite of risk and fraud management services will: Save valuable time and resources by connecting all parties in the dispute management process in near real-time to resolve disputes before they become chargebacks. Give buyers and sellers intelligent, data-driven tools that foster collaboration, build trust, and improve the over...

18Jul By AnkitaNo Comments

ACQUISITION

Visa acquires Payment Gateway Payworks

Munich, Germany & San Francisco, United States: Visa has acquired Payworks, a Munich-based provider of next-generation payment gateway software for the Point of Sale (POS). Visa will bring Payworks’ cloud-based solution for in-store payment processing together with its CyberSource digital payment management platform to create a fully integrated payment acceptance solution for merchants and acquirers. The joint offering will provide acquirers and payment service providers with a modern, fully white-labeled omnichannel payment management platform. The combined capability will enable Visa’s clients to offer a unified payment experience whether their customers are paying in-store, in-app or online. The acquisition builds on a strategic partnership and investment Visa made in Pay...

13May By AdityaNo Comments

ACQUISITION

Visa Acquires Control of Earthport

London, United Kingdom & San Francisco, United States: Visa Inc acquired control of Earthport, a company that provides cross-border payment services to banks, money transfer service providers and businesses via the world’s largest independent ACH network. Currently, Visa enables payments to be sent to or from Visa cards. The acquisition will make it possible for Visa clients to enable individuals, businesses and governments to utilize Visa to send and/or receive money through bank accounts around the world. With the acquisition of Earthport, Visa expects to be able to reach the vast majority of the world’s banked population and allow them to easily, quickly and securely move money worldwide. Nearly $80 trillion (US) of money is sent via a wire transfer or bank account globally to...

Visa Acquires Minority Stake in an Indian Payment Gateway Firm

17Nov By Gauri SinghNo Comments

News

Visa Acquires Minority Stake in an Indian Payment Gateway Firm

The popular US-based payments processor Visa is acquiring a minority stake in Mumbai-based BillDesk. This acquisition will make BillDesk the newcomer in India’s Unicorn club of private technology companies valued at over $1 billion. The financial details of the deal were not disclosed, however, it is expected to value the 18-year-old company at $1.8 billion. The transaction involves a primary investment of about $200 million with a secondary purchase of shares from existing investors and founders of $80-100 million matter. This could take the total investment to about $300 million. Visa’s investment in help BillDesk develop new product lines for its payment and loyalty businesses and expand its footprint into other geographies, according to a statement from Visa. The investment wi...

13Nov By Gauri SinghNo Comments

INDIA

Visa, Mastercard and American Express May Have to Pay Tax in India

International payment companies like Visa, Mastercard and American Express now may have to pay around 15% tax on their India income. This may happen as they set up servers locally to comply with a central bank directive on data storage. The Reserve Bank of India had ordered payments companies to locally store data on all transactions taking place within India from October 15. Visa, Mastercard and American Express mentioned that they had taken steps to comply with the regulation. At present, all these companies are out of the tax net in India, as they do not have a ‘permanent establishment’ in the country. The companies work and offer their services here through offices in jurisdictions such as Singapore and store data on servers located in countries like the US and Ireland. As soo...

American Digital Payment Giant May Invest in BillDesk at Valuation of 1.5 -2 Bn

25Jun By NitishNo Comments

News

American Digital Payment Giant May Invest in BillDesk at Valuation of 1.5 -2 Bn

U.S. based digital payment giant Visa is in the final stage of discussion to invest over $250 million in the Mumbai headquartered payments gateway company BillDesk. The investment is likely to value BillDesk at around $1.5-2 billion, according to people familiar with the matter. The investment will give the coveted unicorn status to the eight-year-old Fintech startup. Sources claim that BillDesk’s management has decided to call off discussion on strategic sale and has now settled for raising more funds. Sources further claimed that the funding will be a combination of primary and secondary transactions. “The deal is in the final stages of completion, it’s the valuation which is being negotiated,” a person on the condition of anonymity said. He added that the management is trying v...

Infosys To Pay $1 Million Fine To New York In Visa Violation Case

24Jun By Press Trust of IndiaNo Comments

News

Infosys To Pay $1 Million Fine To New York In Visa Violation Case

IT major Infosys has reached a settlement for USD 1 million with the state of New York in a visa-related case, even though the company maintained it committed no wrongdoings and the probe was centred on alleged paperwork errors. In a statement, New York Attorney General Eric T Schneiderman today said a USD 1-million settlement with the Indian IT firm has been reached to conclude the investigation. While, the Bengaluru-based company in its statement said, "Infosys' agreement concludes the State of New York's investigation relating to the amount of taxes the company paid in 2010-2011 without any criminal or civil charges being filed. "While this investigation centred on alleged paperwork errors, the company committed no wrongdoing and denies all allegations made in this regard." ...

Decoding World’s First Interoperable Quick Response (QR) Code BharatQR

9Mar By NitishNo Comments

BLOGS

Decoding World’s First Interoperable Quick Response (QR) Code BharatQR

Bharat QR, the world’s first interoperable Quick Response (QR) code acceptance solution, has been developed by Mastercard in collaboration with National Payments Corporation of India (NPCI) and Visa. American Express is also on board to adopt these standards. The payment solution is expected to revolutionize the payments landscape altogether, besides driving greater acceptability and adaptability among the masses with its inherent ease of use and low cost of deployment. We are decoding BharatQR in 6 easy steps for consumers to understand the new payment method:

Visa to Acquire CardinalCommerce to Secure and Accelerate Digital Commerce

3Dec By AdityaNo Comments

ACQUISITION

Visa to Acquire CardinalCommerce to Secure and Accelerate Digital Commerce

Visa today announced an agreement to acquire CardinalCommerce, an industry leader in e-commerce payment authentication. The acquisition will enable more secure, seamless payments, whether made through a browser, mobile app, or connected device, and will help Visa’s clients and merchant partners accelerate digital commerce. “This strategic acquisition combines Visa’s industry expertise and Cardinal’s critical role in payment authentication to bring added security to online transactions, reduce fraud, and support digital commerce which is the fastest growing commerce segment today,” said Mark Nelsen, senior vice president of Risk and Authentication Products at Visa. “By helping merchants, acquirers, and issuers better distinguish between good and bad transactions, Visa is in an even bette...

Indian Companies To Pay $4,000 More For H-1B Visa Fee

27May By Press Trust of IndiaNo Comments

News

Indian Companies To Pay $4,000 More For H-1B Visa Fee

Flagship Indian IT companies would have to pay at least an additional USD 4,000 for every H-1B visa application under the new regulations that came into effect last December, according to details published on Friday by a federal US agency. And those applying for L-1 visa petitions would have to pay USD 4,500 more than other US companies under the new law, which would be in effect till September 30, 2025. The H-1B visa is designed to allow US employers to recruit and employ foreign professionals in speciality occupations within the US while L-1 visas are available to employees of an international company with offices in both the US and abroad. Indian IT firms - which have to incur an additional burden of about USD 400 million annually - have called it "discriminatory", with Prime M...