Visa International: Huge growth in plastic money transactions

Visa International said it expects a huge growth in plastic money transactions in India in next five years. \' use of plastic money is now just 2.5% of 700 billion U.S. dollars, consumers are spending every year in India, \' Visa International head map, Uttam Nayak, told PTI today, the company was selected by the State Bank of India (SBI) as a joint-venture partner for international business.The average merchant acquiring (the use of plastic money) is 9% \' the next. five years, we see tremendous potential in this area. More people are converting to plastic money \', Visa is a kind of said.It first such joint venture here and expect to gain huge success in Brazil may be repeated in India, he said went. Brazil Visa, through such joint-venture, and within 12 years, the number of terminals increased to 1.2 million euros from 50.000 earlier, he said.Earlier today, India's largest lender SBI said it has chosen US-based Association Elavon and Visa International as its joint venture
partners for the trader is acquiring business.This after the bank had floated a Request for Proposal (RFP) for selection of joint venture (JV) partners commercial business acquisition last year.Know More and applying for SBI credit card