MAM
Visa Asia Pacific reports exponential growth in international online spending
MUMBAI: Online spending by Visa cardholders’ at e-commerce merchants outside their home countries for the three months ended September exceeded $377 million, representing 71 per cent growth over the same period in 2004.
Visa Asia Pacific said that the number of international online Visa card transactions also increased from 1.9 million in the third quarter of 2004 to more than 3.6 million for the same period in 2005, a 94 per cent year-on-year gain.
Visa cardholders from the US, UK, Japan, New Zealand and Australia were the top international online spenders. These markets contributed 58 per cent to the total Visa card international online spending in Asia Pacific, or approximately $220 million.
Singapore, Hong Kong, Thailand and the Philippines all saw growth of over 100 per cent when compared with the same quarter in 2004.
When shopping at online merchants outside their home countries, Visa cardholders spent most on:
Transport – about $109 million, an increase of 79 per cent year on year.
Retail and trade – at about $103 million, a 90 per cent increase.
Professional and commercial services – at about $63 million, an increase of 18 per cent.
Education – at about $26 million, up 50 per cent
And, sports and leisure -at about $24 million, an increase of 83 per cent.
Visa Asia Pacific executive vice president and general manager product group Philip Yen said, “The rise in online shopping throughout Asia Pacific is part of a wider global trend that has seen online sales increase dramatically over the past few years. These figures demonstrate that the online environment makes it extremely easy for consumers to purchase goods and services while traveling or to shop overseas without leaving their homes.”
“Consumers and merchants are both contributing to this growth. For the consumers, the convenience and security that online shopping provides combined with their increasingly pressing need to manage time efficiently are the driving factors. For merchants, their recognition of the ease and speed that the online channel brings to their businesses contributes strongly to the rise in the number of online shops. Visa expects to see these figures continue to grow well into 2006 and beyond,” added Yen.
With internet shopping increasing in popularity, it is more important than ever for consumers to protect themselves against online card fraud. As part of an initiative to combat fraud, Visa is urging online shoppers to protect themselves by signing up for ‘Verified by Visa’.
‘Verified by Visa’ is an easy-to-use password protected service that verifies a cardholder’s identity during an online transaction. It helps to provide consumers and retailers with the same level of confidence as enjoyed in a face-to-face transaction. A free service to the cardholder, ‘Verified by Visa’ provides proof that a genuine cardholder and a genuine Visa retailer are taking part in the transaction.
To protect themselves further, Visa provides some online shopping tips for cardholders:
Use a secure web browser – look for an ‘s’ after the ‘http’ in the web page address or URL.
Keep your passwords secret as you would your PIN for ATM transactions.
Protect your card details – provide details only when making purchases.
Never send payment information via email. Most reputable merchant sites use encryption technologies that protect private data.
Keep a record of the transaction.
Review your monthly account statement thoroughly. Check all transactions, even the small ones, because criminals ‘test’ stolen accounts by buying inexpensive items first.
Promptly notify your financial institution of any suspicious transaction or email.
Compare products and prices between shops for the best price and quality.
Check delivery and return policies.
Brands
Aditya Birla Fashion & Retail reshuffles top deck; Nikhil Modha to take over as CFO
Phased transition sees Marco Agnolin head OWND!, Nikhil Modha lined up as CFO as company readies next growth leg
MUMBAI: Aditya Birla Fashion & Retail is redrawing its leadership map, lining up a new generation of executives across key roles as it prepares for its next phase of growth.
The company has named Suraj Bahirwani as chief executive (designate) of Pantaloons, effective April 1, 2026, with a full transition to the top role slated for October 1, 2026. He will also be designated as senior managerial personnel.
A two-decade veteran of the Aditya Birla Group, Bahirwani joined as a group management trainee in 2002 and has since held a string of leadership roles across retail and manufacturing. His resume spans stints at Aditya Birla Retail, a tenure as chief operating officer of Pantaloons, and most recently, head of global sales at the group’s cellulosic fibres business, where he drove international expansion and strengthened value-added portfolios.
Academically, he holds a PhD from the University of Mumbai, a postgraduate management diploma from SP Jain Institute of Management and Research, and is a chartered accountant. Over the years, he has picked up multiple chairman’s awards, including distinguished achiever, exceptional contributor and accomplished leader.
The transition at Pantaloons will be staged. Incumbent chief executive Sangeeta Tanwani will continue until September 30, 2026, steering the handover before moving into an advisory role to the managing director from October 1, 2026. She is set to retire on January 31, 2027, at which point she will step down as whole-time director and key managerial personnel.
Alongside, the company has brought in Marco Agnolin as chief executive of OWND! and senior managerial personnel, effective April 6, 2026. Agnolin arrives with over three decades of global experience, having held senior roles at Inditex, where he helped expand Zara in Italy, and later served as chief executive of Bershka and Diesel. His track record spans fast fashion, brand turnarounds and youth-focused retail.
On the finance side, Nikhil Modha has been appointed chief financial officer (designate) and senior managerial personnel from April 1, 2026. He will assume full charge as chief financial officer and key managerial personnel from January 1, 2027.
Current chief financial officer Jagdish Bajaj will oversee a phased transition until December 31, 2026, before retiring and stepping down from his roles.
The reshuffle signals a calibrated succession plan rather than a sudden overhaul, with the company staggering exits and appointments to ensure continuity even as it refreshes leadership across verticals.
As Aditya Birla Fashion & Retail juggles legacy brands and new-age formats, the message is clear: steady hands for the present, sharper ones for the future—and no pause in the push for scale.
