The US Visa International Service Association and Hong Kong Shanghai Banking Corp (HSBC) on November 3 signed a five-year partnership agreement to expand global cooperation through launching new debit card programmes in some nations and territories in Asia Pacific and the Middle East.
Visa with extensive experience in the cards business and HSBC with its knowledge of the local markets will work together to develop business and attain mutual goals.
Under the agreement, Visa will become a monopoly partner of HSBC in terms of new consumer debit cards. HSBC will issue over 10 million Visa debit cards in Australia, Brunei, India, Indonesia, Malaysia, Mauritius, Philippines, Singapore, Sri Lanka, Taiwan, Thailand and Vietnam.
“Visa debit card is an important factor in our customer policy in Asia Pacific”, said Conrado Engel-Regional director, Personal Financial Services Asia-Pacific. Our customers will enjoy utilities of Visa debut cards issued by HSBC via direct payment channels as well as POS, he added.
There are now 847 Visa debit cards in the world, bringing the total payment value of over US$2.1 trillion within 12 months from June 2008.