India leading card payments network Visa has announced that it has reached 20 million mark in terms of contactless cards in India.
The company has over 3.3 million merchants in India and they now accept cashless payments through multiple payment options and contactless cards, said Visa.
“In a little over three years, along with our clients, we have been able to promote the benefits of contactless cards to over 20 million consumers across India. Besides the significant push in building awareness, we have helped expand India’s contactless acceptance infrastructure to over one million points,” said TR Ramachandran, group country manager for Visa in India and South Asia.
Visa’s contactless payment cards have an embedded antenna and microchip, enabling “contactless” communication with a card reader at checkout. Users just have to tap or wave the card over a secure reader. The transaction then gets processed via Visa’s global, secure network, VisaNet, which processes all Visa transactions.
The company has notified that by the end of 2018 and will account for 50 percent of all payment cards shipped.