Wirecard To Buy Certain Assets Of Visa Processing Service In Singapore

(RTTNews) - 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.