Intuit QuickBooks is forging a new agreement with Visa to fortify its strategy for small and medium-sized business (SMB) customers in India, Intuit announced on Monday (March 2).
Intuit’s QuickBooks Online is used by over 4.5 million small businesses and accountants. The partnership with Visa is a first of its kind for QuickBooks in India. It stems from the firm’s global plan to create strategic partnerships with additional firms that provide financial services. The collaboration is also part of Visa’s scheme to generate a network that allows for expanded convenience, control and cost savings for SMBs in India.
“This is an important strategic relationship for us in India. We are delighted to be collaborating with Visa, which apart from being the world’s leading card network, is known for its technology innovations and innovative value propositions for SMBs,” said Aditi Puri Batra, country manager for Intuit QuickBooks India. “As cloud-based accounting is gaining tremendous traction in India, we hope to catalyze this trend further through this relationship.”
Visa cardholders in India can now subscribe to Intuit QuickBooks, which lets SMBs collaborate with chartered accountants in real time.
“SMEs in India seek not just innovative solutions for their businesses, but [also] distribution access, network strengths and ways to automate payments,” said TR Ramachandran, Visa’s group country manager for India and South Asia. “We are glad to extend our existing collaboration with Intuit QuickBooks in the United States to India and bring Visa’s world-class commercial solutions to small businesses and drive growth for the segment.”
The new agreement expands on an October collaboration between Intuit and Visa. The Instant Deposit feature allows SMBs that use QuickBooks Payments to make real-time disbursements into their bank accounts through an eligible card via Visa Direct, Visa’s real-time push payments solution.