Visa International (VI), the world's leading payment brand and the largest payment system world-wide, has decided to expand its business operations in Pakistan and would open an office at Karachi in early 2006.
Visa Asia Pacific South and Southeast Asia Executive Vice President James Murray announced it in an informal meeting with the media at a local hotel on Friday.
He told the audience that he had meetings with officials of the State Bank of Pakistan and Habib Bank to charter the course for establishing its office at Karachi.
He gave four reasons for Visa's full-fledged operation in Pakistan. These according to him were Pakistan's path, the growth was very fast, whole series of banks and financial institutions were ready to adopt the plastic culture, environment was ideal for investment and the business going on fast pace.
He claimed the members owned Visa and it was not a public company. It operated on cost-basis had advisory group of senior bankcard experts and laws and operating regulations conducted business in accordance with Visa by-laws and Operating Regulations.
Murray declared the Visa was an Asian entity and not an American company as it was the general conception. It was a multinational that employed locals to manage and run it.
He proudly claimed that 1.3 billion visa cards were in use globally, one million ATMs and had 22,000 members world-wide. It had 50 per cent of e-commerce and dollars three trillion card sales. In peak time, the visa cards made 6,000 transactions per second.
Murray described the growth in Pakistan, as very spectacular and hoped Visa debit card would be a partner in this growth.
"Establishing a closer presence in Pakistan will help us accelerate our activities and cement our relationship with the local member banks and other partners. The increased use of payment cards among Pakistani consumers makes this an ideal time Pakistan's electronic payment system," Murray informed the media people.