DGAP-News: Wirecard AG / Key word(s): Alliance/Mergers & Acquisitions
Wirecard AG announces Partnership with Visa in Prepaid
18.11.2014 / 01:24
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Wirecard AG and Visa Inc. have 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 and Visa Inc. today announce an agreement by which Wirecard will
acquire certain assets of Visa Processing Service (VPS), headquartered in
Singapore, and acquire all shares in Visa Processing Services (India)
Private Limited for US $16 million; further terms were not disclosed. The
agreement is subject to certain closing conditions.
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.
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. 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.
Dr. Markus Braun, CEO at Wirecard says, "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."
The opportunity for prepaid cards continues to expand around the world. The
growing popularity of prepaid cards is driven by several trends including
consumer interest in alternatives or complementary products to traditional
checking accounts, government and business desire to replace cash and
checks with a more transparent, cost-effective alternative, and the rise of
innovative mobile payment products.
Backed by strong economic growth, an expanding middle class, and government
support for initiatives that will reduce physical currency transactions,
Asia-Pacific, home to Visa Processing Service, has become one of the
world's largest markets for prepaid payment cards. With Asia become one of
the world's most advanced market for NFC and mobile proximity payments,
Wirecard sees particular growth potential in innovative mobile payment
solutions built on Visa prepaid cards.
Contact:
Iris Stöckl
VP Corp.Com./IR
Tel.: +49 (0)89-4424-1424
e-Mail: iris.stoeckl@wirecard.com
http://www.wirecard.com
ISIN DE0007472060
Reuters: WDI.GDE
Bloomberg: WDI GY
About Wirecard:
Wirecard AG is one of the world's leading independent providers of
outsourcing and white label solutions for electronic payment transactions.
The Wirecard Group has been supporting companies in accepting electronic
payments from all sales channels. A global multi-channel platform bundles
international payment acceptances and methods, supplemented by fraud
prevention solutions. When it comes to issuing their own payment
instruments in the form of cards or mobile payment solutions, Wirecard
provides companies with an end-to-end infrastructure, including the
requisite licenses for card and account products.
Wirecard AG is listed on the Frankfurt Securities Exchange (TecDAX, ISIN
DE0007472060, WDI).
www.wirecard.com
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18.11.2014 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Wirecard AG
Einsteinring 35
85609 Aschheim b. München
Germany
Phone: +49 (0)89-4424 1400
Fax: +49 (0)89-4424 1500
E-mail: ir@wirecard.com
Internet: www.wirecard.com
ISIN: DE0007472060
WKN: 747206
Indices: TecDAX, Prime All Share, Technology All Share
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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297695 18.11.2014
DGAP-News: Wirecard AG announces Partnership with Visa in Prepaid
| Source: EQS Group AG