Global payment network Visa has joined hands with the Andhra Pradesh Government to transform Visakhapatnam into the world’s first ‘less-cash’ city in 12 months.
Visa has been mandated to leverage its expertise from other markets to develop a blueprint for the city’s transition as part of the ‘Project Digital Sankalp’.
The company, which has already inked an MoU with the government to set up a facility in the city, hopes that its effort for ‘less-cash’ city will lay a strong foundation for Visakhapatnam to become a Fintech Valley, thereby becoming the fintech capital of India, official sources told The Hindu on Tuesday.
Blueprint
According to J.A. Chowdary, Special Chief Secretary and IT Adviser to the Chief Minister, Visa has appointed McKinsey & Company to assist in developing the blueprint.
IT Minister N. Lokesh will attend a meeting with Visa, senior government officials, and other stakeholders here to kick-off the ambitious project here on Wednesday.
The city has a per capita penetration of POS at 273 compared to India’s median at 489. Visa will make an attempt to achieve a per capita level of 20. The strategy will be based on driving payment digitisation, building digital payment capability for the State, and assisting with nurturing startups and popularising boot camps and hackathons.
Steering committee
Visa also plans to set up a steering committee with the active participation of the Chief Minister’s office and key stakeholders in the city so as to make Visakhapatnam the role model in campaign for digitisation.
There is a proposal to involve the Bill and Melinda Gates Foundation and academic institutions such as Indian School of Business for building a ‘less-cash’ movement. A team of consultants will be appointed to guide the steering committee.
To make Visakhapatnam a fintech hub, Visa will also partner with Greater Visakhapatnam Municipal Corporation, INS Kursura Museum, APSRTC, AU, RTO office, common service centres such as e-seva and traders at the railway station. The GVMC and the APEPDCL have already tied up with a private software firm for collection of dues at the doorstep of the customers.
