Visa, the payments giant, has established a new co-brand credit card deal with the Adani Group, a leading Indian conglomerate.
What Happened? The collaboration will offer Visa access to customers at Adani’s airports, as well as those using the online travel platform Cleartrip and train booking service Adani One.
Visa CEO, Ryan McInerney, highlighted during an earnings call that the alliance will connect Visa to a vast customer base of 40 crore individuals via Adani’s airports and online travel amenities. Alongside this, Visa has also partnered with US-based low-cost operators Breeze Aviation Group and Allegiant Travel Co.
Why It Matters? Meanwhile, Visa has enjoyed higher-than-predicted growth in card expenditure due to strong consumer demand for travel and dining out.
The company saw a 9% rise in payment volume, reaching $3.17 trillion (₹260 lakh crore) in the fiscal third quarter ending June 30, surpassing the expected $3.14 trillion (₹257.48 lakh crore). Visa’s Chief Financial Officer, Vasant Prabhu, expects the surge in travel demand to persist, reflecting consumers’ pent-up desire to travel.
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