Visa Inc. revealed its plans to set up a country liaison office in Dhaka, Bangladesh. The new office, expected to be set up before the year end will staff a team of executives through whom Visa will launch new services, drive social impact programs and participate in the economic growth of Bangladesh. 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.
“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,” said Chris Clark, Regional President, Asia Pacific, Visa.
He added, “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.”
As the leading digital payment technology company in Bangladesh, Visa has a rich tradition in the country for more than three decades. In recent years, Visa also introduced 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 concerned authorities to acquire requisite permissions and establish the local liaison office before the end 2020.