In a move to enter one of the fastest growing eCommerce marketplaces in the Asia-Pacific region, Worldpay, a global leading payment processing company, announced in a press release that it partnered with IndusInd Bank Limited to assist both companies in processing customers’ payments in India.
IndusInd Bank is one of the fastest growing new-generation private sector banks in India, which has been noticed for its innovative video-based approach to customer services launched a year ago.
Worldpay hopes that its new partnership with IndusInd Bank will improve merchants’ visibility of their entire payment acceptance value chain by managing their local and international payments centrally, in an otherwise very fragmented landscape. As it can be split by region, payments through Worldpay can be optimized to a particular market, to cater to local trends. The U.S. leader in modern money believes that this data can also be used to enhance customer experiences, helping merchants to win in the competitive eCommerce market.
Ron Kalifa, Deputy Chairman at Worldpay, explained: “India’s increase in card use has meant that more of our customers are looking to expand operations in the country. Historically, global merchants looking to move into India had to use domestic payment operators, which can increase costs and make it difficult for merchants to gain full visibility of their global payment activity. By continually expanding, we can offer our customers the ability to take payments in 120 currencies across the world, simplifying global acquiring.”
India’s startup scene is maturing on a global stage with several new companies emerging to harness the power of the Internet and close the gap between buyers and sellers. In fact, there is a general consensus, backed by reports and numbers, that India’s B2B is a booming segment. Former head of R&D at Yahoo India, Sharad Sharma, believes India’s startup scene is uniquely positioned to become a bastion of B2B innovation. “The Indian consumer is not the same animal as the western consumer,” Sharma told The Times of India. “And it’s very hard to solve a western consumer problem sitting in India. We are more likely to see large companies emerge on the B2B side.” Walmart has made headlines this year for its own online supply marketplace to ensure its locations in the nation remain stocked with inventory. In Walmart’s recently published report, the nation’s B2B eCommerce sector will likely be worth $700 billion by 2020, far beyond its current $300 billion valuation. Staples and Amazon are the latest to open their own online B2B presence in India last month.
“We are delighted to offer eCommerce acquiring services in India in association with Worldpay. We are confident that the association will help both organisations to contribute to the growth of the ever growing Indian eCommerce industry. This partnership will allow each company to benefit from the other’s respective expertise in domestic and international payments, thereby helping in promoting online payment services in India,” said Ramesh Ganesan, Head of Transaction Banking at IndusInd Bank.