HSBC selects Visa as exclusive brand partner for new consumer debit cards in 20 countries, launches first contactless Visa payWave-enabled debit card in the Middle East
SAN FRANCISCO, Oct. 29 /PRNewswire-FirstCall/ -- Visa Inc. (NYSE: V) and HSBC today announced that the companies have expanded their global relationship to include new debit card programs in a number of countries and territories throughout Asia Pacific and the Middle East.
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.
"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. "We are delighted by HSBC's decision to enhance our partnership and extend Visa's debit products to new and existing customers across multiple geographies. Importantly, this agreement delivers on our strategy to expand Visa's global debit product offerings as we seek to further the migration from cash and check to Visa payments."
Under terms of the agreement for Asia Pacific, Visa will become HSBC's exclusive partner for new consumer debit products, with HSBC issuing more than 10 million Visa debit cards in Australia, Brunei, India, Indonesia, Malaysia, Mauritius, Philippines, Singapore, Sri Lanka, Taiwan, Thailand and Vietnam.
"Visa debit cards are a key element of our customer proposition in the Asia Pacific markets," said Conrado Engel, Regional Director of ASP PFS, HSBC. "HSBC customers will enjoy the benefits provided by HSBC and Visa using the Visa debit card in our direct channels as well as at the merchant point of sale."
HSBC Visa payWave Launch in the Middle East
HSBC Middle East Limited will begin issuing new Visa-branded debit cards by early 2009 in eight countries including United Arab Emirates, Qatar, Bahrain, Oman, Egypt, Jordan, Lebanon and Pakistan. Some of these approximately one million new cards will also be Visa payWave-enabled, allowing cardholders to make contactless payment transactions quickly and securely at the point of sale. The Visa payWave-enabled debit cards will also be able to support services such as loyalty programs for cardholders, bringing more convenience and added value to debit transactions.
"The introduction of a region-wide HSBC Visa debit chip card is further evidence of HSBC's commitment to delivering innovative products to market and enhancing customers' banking experience. 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," said Abdulfattah Sharaf, CEO, Personal Financial Services, HSBC Middle East.
Currently, there are approximately 847 million Visa Inc. debit cards globally; representing more than $2.1 trillion in total volume, for the 12 months ended June 30, 2008.
About 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, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world, and Visa/PLUS is one of the world's largest global ATM networks, offering cash access in local currency in more than 170 countries. For more information, visit www.corporate.visa.com
About HSBC Asia Pacific
The Hongkong and Shanghai Banking Corporation Limited is the founding and a principal member of the HSBC Group which, with more than 9,500 offices in 85 countries and territories and assets of US$2,547 billion at 30 June 2008, is one of the world's largest banking and financial services organisations.
About HSBC Middle East
HSBC is the largest and most widely represented international bank in the Middle East. HSBC Bank Middle East Limited has 37 branches throughout the United Arab Emirates, Oman, Bahrain, Qatar, Kuwait, Jordan, Lebanon and the Palestinian Autonomous Area. In addition to the branch network the Bank maintains representative offices in Tehran, Iran and Tripoli, Libya. This extensive regional coverage is strengthened by another member of the HSBC Group, HSBC Bank Egypt SAE, and by its associated companies, The Saudi British Bank, British Arab Commercial Bank Limited, and HSBC Saudi Arabia Limited.
Tel: +1 415 932 2564
Visa Inc. (Asia Pacific)
Tel: + 65 6437 5518
Touhami el Ouazzani Mohamed
Visa Inc. (Central and Eastern Europe, Middle East and Africa)
Tel: +212 22 58 22 90
SOURCE Visa Inc.
CONTACT: Sandra Chu, Visa Inc., +1-415-932-2564, firstname.lastname@example.org,
or Nicolette Rappa-Tjoa, Visa Inc. (Asia Pacific), +65-6437-5518,
email@example.com, or Touhami el Ouazzani Mohamed, Visa Inc. (Central and Eastern
Europe, Middle East and Africa), +212-22-58-22-90, firstname.lastname@example.org
Web Site: http://www.corporate.visa.com