Visa and HSBC explore new territories
Visa and HSBC plan to roll out new debit card programs in new territories in a new partnership. They are expected to focus on territories in the Middle East and Asia Pacific.
Visa and HSBC explore new territories
Over 10 million cards will be issued in the program and the partnership is contractually agreed to last for 5 years.”
The debit cards will be issued by HSBC, bear the Visa logo and will be available in Mauritius, Malaysia, India, Australia, Brunei, Singapore and Indonesia.
Reports have also said that this jurisdiction will over time also be extended to the Philippines, Sri Lanka, Thailand, Vietnam and
Over 10 million cards will be issued in the program and the partnership is contractually agreed to last for 5 years.
Middle Eastern jurisdictions are thought to include: Egypt, Jordan, Pakistan, Lebanon, Qatar, Oman and the wealthy United Arab Emirates.
However, the new cards will not be issued in these countries until early next year.
A strong move for both companies
The partnership is being hailed by experts as a great move forward for the bank and the payment company.
Visa can push their good market knowledge and offer the bank the inside track on market growth, while HSBC provide its new partner greaterinternationality, strategy and finance.
It has been reported that some of the new cards which will have new ‘Visa PayWave’ technology which will allow customers to make contactless transactions by waving the card over a reader at cash registers.
There are also thought to be over one million cards issued in this new scheme.
The CEO of personal financial services for HSBC Middle East, Abdulfattah Sharaf said: "The introduction of a region-wide HSBC Visa debit chip card is further evidence of HSBC's commitment to delivering innovative products to the market and enhancing customers' banking experience.”
He added: “We are delighted to launch a product in association with Visa that offers our customers convenience and flexibility, enabling them to use their cards at the point of sale and at the ATMs."
Powerful companies
At the moment there are in the region of 847 million Visa Incorporated debit cards all over the world. These are thought to represent over $2.1 trillion between them and Visa Inc. is the largest electronic payments network which specialises in retail in the world.
HSBC meanwhile has strong ties to both the Middle Eastern and Asian Pacific Markets, being the ‘most widely represented’ international bank in the Middle East and having over 9,500 offices in Asia Pacific.
As such, this is a partnership of titanic proportions which is sure to be successful and certain to have repercussions on the rest of the competitive card market.
Written by Max Jennings ©
