Wirecard has signed an agreement with Visa to acquire certain assets of Visa Processing Service (VPS), headquartered in Singapore and all shares in Visa Processing Services (India) for $16m.
The move affirms the companies’ joint commitment to the growing prepaid markets in Asia-Pacific, Latin America, and other regions.
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Visa, which is active in seven countries with more than three million cardholders, will now be able to provide outsourcing services from Wirecard for specific prepaid processing services.
Apart from the agreement, Wirecard has also joined the Visa Issuer Processing Program, designed to match financial institutions with leading prepaid issuer processors.
Wirecard will support the global demand for prepaid cards with a wide-range of product offerings, including innovative mobile and contactless payment solutions, solutions for the unbanked and cards for the distribution of government benefits.
Markus Braun, CEO of Wirecard, said: "The issuer processing agreement, and acquisition of certain assets of Visa Processing Service significantly strengthen our position in the global prepaid market. We are very excited about working to drive the distribution of Visa prepaid cards and grow prepaid markets worldwide."
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