Visa Partners with Wirecard AG, Aussie Telecom (Nov. 18, 2014)
Visa Inc. and Wirecard AG announced a partnership the companies say affirms their commitments to growing the prepaid market in Asia-Pacific and Latin America, among other regions. As part of the agreement, Wirecard will acquire certain assets of Visa Processing Service, headquartered in Singapore, and acquire all shares in Visa Processing Services (India) Private Ltd. for US$16 million, according to an announcement. No further terms of the deal were disclosed. Also under the agreement, Wirecard will provide outsourcing services to Visa for specific prepaid processing services in support of Visa’s clients, and Wirecard has joined the Visa Issuer Processing Program, which matches financial institutions with prepaid issuer processors to grow prepaid programs globally.
In other Visa news, the payments network is partnering with Australian telecom Optus and Heritage Bank to launch Cash by Optus, a m-wallet app and payment service enabling customers to load up to AU$500 (US$436) onto a prepaid account and make payments at any Visa contactless POS terminal, according to reports.
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