Intuit Inc. (NASDAQ: INTU) today announced a new agreement with Visa to strengthen their business propositions for Small & Medium Enterprise (SME) customers in India. Intuit’s QuickBooks Online is the world’s leading financial management solution for small businesses and accountants, used by over 4.5 million customers.
The strategic relationship with Visa is going to be the first of its kind for Intuit QuickBooks in India. It is an outcome of Intuit’s global strategy to form strategic relationships with leading financial institutions worldwide and Visa’s strategy to build an ecosystem that enables even more convenience, control and cost-savings for SMEs in India. Intuit QuickBooks will collaborate with Visa to develop joint value propositions and thought leadership in the SME space.
As an immediate result of this collaboration in India, Visa cardholders will be able to subscribe to Intuit QuickBooks and use its features like anytime, anywhere access to data, GST compliance, expense management, automated bank reconciliation, document management and many more. Intuit QuickBooks also enables small businesses to collaborate with their Chartered Accountants in real-time. This will result in a superior user experience while also being more durable and secure.
The new agreement builds upon an existing relationship between Intuit QuickBooks and Visa in the United States, announced in October 2019. Under the existing agreement , Intuit QuickBooks announced a new feature called Instant Deposit, which enables real-time disbursements for small business owners using QuickBooks Payments into their bank accounts through an eligible card using Visa Direct, Visa’s real-time push payments solution.
Announcing the extended relationship with Visa, Aditi Puri Batra, Country Manager, Intuit QuickBooks India, said, “This is an important strategic relationship for us in India. We are delighted to be collaborating with Visa which apart from being the world’s leading card network, is known for its technology innovations and innovative value propositions for SMBs. As cloud-based accounting is gaining tremendous traction in India, we hope to catalyse this trend further through this relationship.”
TR Ramachandran, Group Country Manager, India and South Asia, Visa said, “SMEs in India seek not just innovative solutions for their businesses but distribution access, network strengths and ways to automate payments. We are glad to extend our existing collaboration with Intuit QuickBooks in the United States to India and bring Visa’s world-class commercial solutions to small businesses and drive growth for the segment.”