While different companies have been announcing job and pay cuts, Visa Inc – a global leader in payments technology – has brought good news for Bangladesh at the time of the Covid-19 pandemic.
Visa will set up a country liaison office for the first time in the country by the year-end, according to a statement released on Wednesday.
Through its office in Dhaka, Visa will staff a team of executives through whom it will introduce new services, drive social impact programmes and participate in the economic growth of Bangladesh – one of the fastest-growing economies in the world.
Opening the country office culminates decades of investments in Bangladesh in pioneering and driving digital payments, which in turn have helped fuel economic growth and played a significant role in the Digital Bangladesh mission.
Chris Clark, Regional President for Asia Pacific at Visa, said, "Since commencing operations in Bangladesh in 1988, our business has played a distinct part in shaping the digital payment ecosystem in the country. From the humble magstripe card years back to the state-of-the-art tap and pay contactless cards, Visa has played a pioneering role in the market."
"Now, as we partner with close to 50 banks, leading fintechs and processors who help cardholders make seamless payments across thousands of merchants, we believe it is an opportune time to leverage the explosive growth of digital payments through a team of Visa executives dedicated to Bangladesh," he continued.
"Visa is committed to the digitisation of Bangladesh so consumers can make seamless, secure digital payments whether locally or when travelling abroad. We are truly excited about the potential the country holds, and expect the local liaison office to further propel our market growth in years to come," he added.
As the foremost digital payment technology company in Bangladesh, Visa has a rich tradition in the country of over three decades.
In recent years, Visa also launched Bangladesh's first contactless card and introduced open-loop, interoperable QR payments in line with BanglaQR specifications to the market. Visa has worked with large fintechs and ecommerce players as well to introduce card on file, wallet load and other best-in-class payment innovations.
Visa is working closely with the regulatory agencies in Bangladesh, and authorities concerned, to acquire requisite permissions and set up the local liaison office before the end of the year.