INSUBCONTINENT EXCLUSIVE:
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.
