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| HSBC to expand Visa debit issuance in Asia-Pacific | |
| BS Reporter / Mumbai November 03, 2008, 17:59 IST | |
In a bid to expand their global relationship, HSBC and Visa announced that an exclusive partnership agreement extending to 20 countries in Asia-Pacific region, wherein HSBC has selected Visa as its exclusive brand partner for new consumer debit card products including in India.
On the other hand, HSBC will be issuing more than 10 million Visa debit cards in these countries.
The five-year regional agreements represent an expansion of HSBC’s current credit card issuing relationship with Visa and are the latest milestones in Visa’s efforts to combine its global brand and payments expertise with strong local marketplace knowledge and execution to help clients grow their business, a company release said.
“This deal expands the relationship between two global leaders – HSBC and Visa – in some of the fastest-growing areas in the world,” said Hans Morris, president, Visa Inc.
Visa Inc. operates the world's largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments.
At present, there are approximately 847 million Visa Inc. debit cards globally, representing more than $2.1 trillion in total volume, for the 12 months ended 30 June 2008.
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