Barclays has signed a new multi-year partnership with Visa to drive innovation and support Barclays’ international expansion.

The agreement will also assist Visa to develop product innovations and deploy them at scale across the Barlcays Payments Network. In addition, Visa’s reach will enable Barclays to expand into new markets.

Ashok Vaswani, Global Head of Consumer Banking and Payments, Barclays, said: “This is a landmark partnership for Barclays which will ultimately benefit merchants and consumers. We have enjoyed a successful partnership with Visa for 50 years and over that time we have never stopped innovating. Our continuing partnership will enable us to jointly invest in developing faster and smoother payments to benefit merchants and consumers.

“We process nearly half of the UK’s debit and credit card transactions, which reflects Barclays position in the marketplace. Partnerships such as this enable us to continue to commit investment to developing new payment solutions that benefit all of our customers.”

Driving innovation 

The aim of the partnership is to help Barclays and Visa develop market leading propositions while maintaining reassuring security checks and balances.

Charlotte Hogg, CEO, Visa Europe, said: “Barclays has been one of Visa’s most important partners in Europe for many years. This new partnership will see us extending our partnership again, enabling Barclays to invest in new and innovative digital capabilities.

“We’re really excited about this agreement and the opportunities it will create for our businesses to collaborate on developing compelling payment experiences to consumers and merchants.”

This year, Barclays partnered with BigCommerce to introduce a payments solution for online retailers across the UK and Europe.

Barclays has a longstanding relationship of over 50 years with Visa. In 1966, Barclays was the first business to launch a credit card with Visa in the UK.

The two companies have also partnered on other innovations, including the launch of contactless payments and wearables in the UK.