SAN FRANCISCO—Visa is looking at two new areas for expansion.
The payments giant is turning its attention to certain portions of the B2B market for near-term growth, the company’s chief financial officer said during a recent conference. It’s also building out its network for remittances, Payments Dive reported.
During a Goldman Sachs technology conference, Visa Chief Financial Officer Vasant Prabhu noted the $20 trillion “cardable B2B portion” is almost as big as the company’s consumer payments business and looks a lot like it, but is growing faster. “We think there’s an extraordinary opportunity for a long time.”
The company is also targeting the $800-billion remittances market. The biggest geographic regions for that growth are in the U.S., the United Arab Emirates and Saudi Arabia due to money moving from those countries, Payments Dive reported.
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