Visa expands South Asia presence, to buy minority stake in India's BillDesk

Payments processor Visa Inc said on Friday it is taking a minority stake in Indian payment gateway BillDesk to expand its footprint in the south Asian country.

The investment will be subject to statutory approvals and is expected to have no direct bearing on Visa's existing India business, the company said in a statement.

Visa's latest move comes a week after India's finance minister said Mastercard and Visa were losing market share to domestic payments networks.

Earlier Mastercard had complained to the U.S. government that Prime Minister Narendra Modi was using nationalism to promote a local rival.