Barclays announced on Monday it has extended its partnership with multinational financial services corporation, Visa. Barclays reported that the European agreement with Visa, which recognizes the “unique position” Barclays has in the market, is designed to drive innovation and product development as well as facilitate international expansion. The agreement will also assist Visa to develop “industry-leading, cutting edge” product innovations and deploy them at scale across the Barclays Payments network. Visa’s reach will also help drive Barclays’ processing business internationally.
While sharing more details about the partnership, Ashok Vaswani, Global Head of Consumer Banking and Payments at Barclays, stated that the partnership will benefit both merchants and consumers.
“We have enjoyed a successful partnership with Visa for 50 years and over that time we have never stopped innovating. Our continuing partnership will enable us to jointly invest in developing faster and smoother payments to benefit merchants and consumers.”
Vaswani also noted that Barclays processes nearly half of the UK’s debit and credit card transactions and partnerships such as the one with Visa enables the Barclays team to continue to commit investment to develop new payment solutions to benefit all customers. Charlotte Hogg, CEO of Europe at Visa, added:
“Barclays has been one of Visa’s most important partners in Europe for many years and this new partnership will see us extending our partnership again, enabling Barclays to invest in new and innovative digital capabilities. We’re really excited about this agreement and the opportunities it will create for our businesses to collaborate on developing compelling payment experiences to consumers and merchants.”