Online Trading is Easy with Visa Power
By CXOtoday Staff
Mumbai, Apr 18, 2008

Visa, ICICI Bank, and Elcom Systems have launched the Visa eMarketplace, an online portal connecting sellers and buyers of commercial goods and services. The portal helps businesses in India to conduct the entire procurement and payment transaction electronically over the Internet, using a Visa Purchasing Card. This is the first Visa eMarketplace service to be launched in Asia Pacific.

According to a Visa International spokesperson, it helps to eliminate the need for paper-based purchase orders and approvals. As the process of payment and management of costs is automated, manual intervention is also reduced.

Visa eMarketplace promises to offer a secure online option building on the existing Visa Purchasing Card platform. It doesn't require participating organizations to invest in hardware, software, or continuous upgrades. It uses Secure Sockets Layer (SSL) data encryption to encrypt information exchanged within the portal. It is hoped this will prevent unauthorized disclosure.

Core to Visa eMarketplace is the Visa Purchasing Card, which is meant for low-value, high-volume purchase of non-personal goods and services. Sellers can give buyers access to their product catalogues, while buyers gain better understanding and management of their inventories. The records provided also help ensure detailed tracking for audit purposes.

Recent years have seen a growth in the credit card industry, fuelled due to the increasing use of consumer cards. ICICI Bank hopes the still nascent commercial card products, like purchase cards, corporate cards, and distribution cards will see a similar growth in the near future.

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