Global payment network giant Visa has announced that it will accelerate its blockchain development by adding more manpower to its India-based technology center.
The American multinational, which handles more than 14,000 global finance transactions per second, have already recognized the blockchain technology as a game changer. In its SEC filing late last year, the company had admitted that it should speed-up its development plans to match shoulders with new and innovative technologies such as Bitcoin and Blockchain.
Visa subsequently launched a special technological center in Bengaluru, a city often termed as the Silicon Valley of India. In this center, the company employed over 750 programmers to research and develop next-generation payment settlement solutions by utilizing Blockchain’s underlying potential.
The latest announcement, therefore, adds up to Visa’s long quest to integrate newer technologies into its monstrous infrastructure. As the company’s Group Country Manager for India and South Asia, Mr. TR Ramachandran, confirmed, they have indeed doubled up their manpower to bring their aims come to life.
“We are up to 750 people now (at the new centre),” he told Economic Times. “We do two-three things here, including Visa developer platforms, global products, etc. This is not an outsourced centre — there is some very cool developer work that is going on here. The aim is to get it up to 1,000 people over the next 12-18 months.”
Ramanchadran also confirmed that most of their work will be done around creating blockchain-based APIs for Visa, a statement which goes in line with the company’s global chief Ratan Taneja who had predicted India to be a key driving force in propagating Visa’s blockchain solutions throughout the global mainstream markets.
For a $50 trillion worth global consumer market, whose major portion is mousetrapped by Visa, the blockchain technology could indeed bring more bucks to their revenue model. The same is applicable on the competitors, including the mighty MasterCard, American Express, and others.