Vizag as Fintech hub, signs MoU with Visa

Vizag as Fintech hub, signs MoU with Vis...

Visakhapatnam as Fintech hub of the country and signed MoUs with Visa and Thomson Reuters.

Visa, the leading global payments network, will help transform Vishakhapatnam into India's first "less cash" city.

This initiative is designed to provide the foundation for the city to emerge as India's Fintech Valley, in keeping with the vision of Chief Minister N. Chandrababu Naidu, the company said.

Naidu announced the Fintech Valley initiative at the Microsoft Future Decoded conference in Mumbai.

The state government also signed a MoU with Thomson Reuters for cooperation in Fintech initiatives in the state.

Naidu said that the government will collaborate with various organisations to create the perfect Fintech ecosystem in Visakhapatnam.

Six companies including Paytm are already working at Fintech Tower in the port city.

The Chief Minister tweeted that YES Bank is also keen on setting up a Fintech Park in new state capital Amaravati.

"Through this project, we hope to see a threefold to fivefold increase on the 6,400 merchants currently accepting digital payments, and to increase customer adoption of electronic payments by 75 percent Ato 100 percent," Naidu said about the MoU with Visa.

To accelerate its journey to less-cash and to becoming India's Fintech Valley, Visa will focus on driving payments digitisation, building talent pool and supporting Fintech start-ups.

Visa will work with key city agencies in Vishakhapatnam like the Greater Vishakhapatnam Municipal Corporation (GVMC), Common Service Centres, Andhra Pradesh State Road Transport Corporation, and key merchant segments like auto rickshaw drivers and the agricultural markets, to help digitize payments.

"We propose to undertake this initiative as a part of Visa's global financial inclusion efforts that aim to provide 500 million underserved with a payment account by 2020," said T.R. Ramachandran, Group Country Manager, Visa India and South Asia.

 


PostedOn: 23 Feb 2017 Total Views: 542




NIA Can't Enter AP: Naidu On Jagan Attac...

NIA Can't Enter AP: Naidu On Jagan Attack Case

After preventing CBI from entering AP following the raids on TDP Leaders, CM Chandrababu Naidu declared National Investigation Agency (NIA) can't interfere in the matters related to his state. To the question over NIA handling Jagan Attack Case, Babu replied: 'NIA should come to the state. Centre ha...

17 Jan 2019

Telangana, Andhra govts waive toll tax a...

Telangana, Andhra govts waive toll tax as thousand...

The move is expected to ease long traffic snarls seen at the toll gates on Hyderabad-Vijayawada, Hyderabad-Warangal and other highways since Friday night. With thousands of families living in Hyderabad heading to their native places in both the Telugu states for Sankranti, the Telangana government o...

13 Jan 2019

Hyderabad police seize Chinese manja wor...

Hyderabad police seize Chinese manja worth Rs 10 l...

Over the years, kite flying using Chinese manja (synthetic thread coated with finely crushed glass) has become popular, but it been outlawed as it causes harm to birds. The Hyderabad Police on Saturday conducted simultaneous raids and arrested two people for illegally procuring, stocking and selling...

13 Jan 2019

TRS demands disqualification of 3 MLCs f...

TRS demands disqualification of 3 MLCs for anti-pa...

Council Chairman K Swamy Goud said that he would consult constitutional experts and reserved his decision. The Telangana Rashtra Samithi (TRS) on Saturday presented its argument for the disqualification of three of its MLCs and demanded legal action for 'anti-party' activities as they joined the Con...

13 Jan 2019

Noted banker and AAP leader Meera Sanyal...

Noted banker and AAP leader Meera Sanyal passes aw...

Meera Sanyal had been battling cancer for two years now. Meera Sanyal, AAP leader and former CEO of Royal Bank of Scotland in India, passed away at the age of 57 after a two-year battle with cancer. Meera was born in Kochi in 1961 to Indian Navy Officer Gulab Mohanlal Hiranandani and Banu Hiranandan...

12 Jan 2019

India's second moon mission Chandrayaan-...

India's second moon mission Chandrayaan-2 to be la...

The window to land on the lunar surface is open between March 25 till the end of April, ISRO Chairman K Sivan said. India's second lunar mission Chandrayaan-2 with a lander and rover will be attempted in mid-April, a top space official said on Friday. "We are targeting mid-April to launch Chandrayaa...

12 Jan 2019

How agents trafficking women in Hyderaba...

How agents trafficking women in Hyderabad continue...

Activists working on the ground say that a case is generally registered under Section 420 (Cheating) of the IPC but the agents are let off on bail very easily. It was in October last year that Nasreen Fatima met Ahmadi Begum in Hyderabad’s Shaheen Nagar area. Ahmadi Begum’s daughter used...

11 Jan 2019

GST Council making decision without cons...

GST Council making decision without consulting sta...

"Agenda items should be fixed taking into consideration the requests of the states also," Yanamala Ramakrishnudu said. Andhra Pradesh Finance Minister Yanamala Ramakrishnudu on Thursday lashed out at the Centre and alleged that the Goods and Services Tax (GST) Council was taking decisions unilateral...

11 Jan 2019