The first Visa eMarketplace service has been launched in the Asia Pacific region, jointly by Visa, ICICI Bank and Elcom Systems Ltd. A press note released said Visa eMarketplace is an online gateway that connects sellers and buyers of commercial goods and services.
The press release said Visa eMarketplace will provide a platform for the businesses in India to conduct the entire procurement and payment transaction electronically and efficiently over the internet using a Visa purchasing card.
Mr Santanu Mukherjee, country manager, South Asia, Visa International, informed, Visa eMarketplace has been designed to be an efficient, perfect and transparent procurement system for the commercial and government sectors. He further added that it will help to eliminate the need for paper-based purchase orders and approvals therefore with eMarketplace manual effort will be reduced as the process of payment and management of costs is automated.
Visa eMarketplace is fully secured online option that has been built on the existing Visa purchasing card platform. By using this seller will be able to give buyers easy access to their product catalogues while buyers can have better understanding and management of their inventories, for instance, by providing purchase analysis to help in the planning of expenses. The records provided also help ensure detailed tracking for audit purposes.
The main hub to Visa eMarketplace is the Visa purchasing card, which is meant for low-value, high-volume purchase of non-personal goods and services.
Mr Sachin Khandelwal, head of cards product group, ICICI Bank said, “Corporates and government departments can use Visa eMarketplace to make purchases online from their suppliers and use ICICI Bank purchase card to make payment.”
Visa eMarketplace is an eProcurement service which does not require participating organizations to invest in hardware, software or continuous upgrades. Visa eMarketplace is a secure system. It uses secure sockets layer (SSL) data encryption to help ensure that information exchanged within Visa eMarketplace is encrypted to prevent unauthorized disclosure.
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