It’s about bringing people into the digital economy: Kelly Mahon Tullier, Vice President of Visa

For most, Visa is a credit and debit card platform, but there’s a lot more to it than that. Tell us about it.
Yes, Visa started as a credit card. Visa’s purpose is to help everyone everywhere by being the best way to pay and get paid. We want to help the world by empowering them to not engage in the digital economy by being the best way to pay and get paid, and that doesn’t necessarily mean through a card. That’s how it started, but there’s been a lot of innovation that’s happened in this space. We see it here in India, obviously, with UPI and real-time payment networks, and the incredible work that’s been done with Indian payments is all about innovation.

Everyone is talking about the growth of financial technology and the Indian stack, but India is still a trillion-dollar cash economy. How can Visa help facilitate the digitization of all that cash?
It has been a great journey to bring people closer to the digital economy. Financial inclusion In this country, it’s amazing and getting people into the digital economy is very good. But there’s a path beyond that. Once you get people into digital commerce, you want to accelerate their growth and continue to empower them through products that we can offer, like lines of credit and other ways for them to grow. So one thing we’re thinking about is being a partner there and being a partner with the government to make sure that as many people as possible get into the digital economy, because we believe that financial inclusion is very important for the economic growth of the people and the country. For Visa, India is a big innovation hub, not just for the country, but even for the world. Last year, at the Bengaluru campus, we had 3,000 engineers and technologists developing innovations, and that number has increased to 4,000 this year. Recently, they have developed a flexible product in cooperation and partnership with a Japanese client. We have introduced it in Japan, we have introduced it in the US, and we will take it to other places in the world. Our innovation center here is an important technology hub for us worldwide.

Regulators and central banks around the world are sceptical about growth without the proper guardrails. How do you balance risk and innovation?
I think regulators will look at any new product and make sure it is safe and fit for purpose. When it comes to the regulatory environment, I think we and the government have the same goal. Whatever the payment method, we all want it to be fast, safe and easy to use for customers and merchants. That’s why we understand and work closely with all regulations that come up.

The global Indian workforce needs to send money home safely, quickly and securely. What role can Visa play in this regard?
There are many things we are developing beyond the typical payment between consumer and merchant. remittances Visa Direct is certainly one such company. The most important thing about remittances is that they are secure and fast. We have a product that we have developed called Visa Direct which is… agnostic but can ensure that the money gets to where it needs to go safely within and outside India.

There is a large ecosystem of small and medium-sized businesses with unique needs that are not as sophisticated as large corporations in terms of building these protective barriers. What does Visa offer for this segment?
Of course, 70% of the world’s businesses are small businesses, and they employ about 50% of the population. They’re a significant part of the global economy, so as a payments network, we’re going to focus on enabling small businesses to thrive. We build products specifically for them and tailor them to help them grow. For example, a small business might not want to have travel awards or lounge access or movie tickets. They might need access to insurance for their business or their employees. That’s the kind of service our products can provide.You were in Mumbai meeting with women entrepreneurs. Can you tell us a little bit about that?
As Visa’s Chief People Officer, I would love to spend time with our employees and ensure that we are providing the best possible work experience for everyone working for Visa in India and around the world. One of the programs we have created with United Way of Mumbai is focused on women entrepreneurs. The program reaches out to women in Mumbai to find out what opportunities are there for them, where they would like to work, and together we provide training and tools for women entrepreneurs to join the digital economy and facilitate their businesses.