In the fourth quarter of 2005 spending on Visa cards have increased 49%. Today, Visa Asia Pacific issued a press release in which it said, "India emerges as the fastest growing market for domestic Visa card spending with 49 percent year-on-year growth." Domestic spending of Visa card holders was US$53 billion in the fourth quarter of the year 2005. Recently, Visa collected data from 8 countries in the region and found out that India is becoming a very attractive for the company.
Visa has been aggressively marketing in the Indian market recently and has come up with some attractive offers for the Visa card holders in India. Now Visa card holders in India can carry out bill payments through their card and payment of mobile phone has become popular. Visa has also made it easier for small and medium sized merchants to get Visa card. I believe that this is the smartest move taken by Visa. In South Asia, many people (including this author) have the perception that Visa cards are for the rich people only and as a result of this perception they even never make a query about getting a Visa card. I feel that this way Visa and other card companies are losing a lot of potential (middle class).
I will be extremely glad if Visa starts a massive ad campaign in South Asia and let the middle class people have it. If Visa does not do it then I am sure sooner or later some local companies will do it. After all, the market is growing here.
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