logo
Plus   Neg
Share
Email

Wirecard To Buy Certain Assets Of Visa Processing Service In Singapore

Wirecard AG (WRCDF.PK) and Visa Inc. announced their cooperation in prepaid card issuing, affirming their joint commitment to the growing prepaid markets in Asia-Pacific, Latin America, and other regions.

As part of the partnership, Wirecard will acquire certain assets of Visa Processing Service or VPS, headquartered in Singapore, and acquire all shares in Visa Processing Services (India) Private Limited for US$16 million; further terms were not disclosed.

Visa Processing Service is active in seven countries with a customer-base of 14 financial institutions and more than three million cardholders amongst more than 70 card programs. VPS provides financial institutions with an integrated solution for gift cards, general purpose reloadable (GPR) cards, single or multi-currency travel cards as well as money remittance.

As part of the relationship, Wirecard intends to provide outsourcing services to Visa for the provision of specific prepaid processing services in support of Visa's clients.

In addition, Wirecard has joined the Visa Issuer Processing Program, designed to match financial institutions with leading prepaid issuer processors to help support and grow prepaid programs globally.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Amazon is expanding the aircraft fleet of its air cargo network by leasing 12 additional Boeing 767-300 converted cargo aircraft from Air Transport Services Group Inc. This comes amid increased demand for shipments due to the coronavirus pandemic. These aircraft will join Amazon Air's existing fleet of 70 aircraft to bring its total network to more than 80 aircraft. New York's transit agency The Metropolitan Transportation Authority or MTA has pulled its newest subway cars from service after two cars got detached from a moving train. New York City Transit Interim President Sarah Feinberg launched an investigation into the matter. The entire R179 fleet from Canadian company Bombardier Inc. has been pulled until further notice after the incident in Chambers AMC Entertainment Holdings, Inc., the world's largest theatre chain, said it has substantial doubt in its ability to continue its business as theaters across the world remain closed for months now following coronavirus or Covid-19 pandemic. In a regulatory filing, the company said it is "generating effectively no revenue", and that additional capital, if needed, may not be available.
Follow RTT