Yahoo Finance Visa, TerraPay Team Up to Provide Real-Time Payment Service
Visa Inc. V has forged a relationship with TerraPay, a global payments infrastructure company. The deal is in line with the company’s long-term strategy to grow its Fintech Fast Track Program.
The program enables fintech partners to develop new commerce experiences leveraging the reach, capabilities and security that VisaNet, the company's global payment network, offers.
Visa and TerraPay will develop and deliver solutions to drive repeat usage of the mobile wallets and digital currency for e-payments.
TerraPay has evolved over time as a preferred partner of money transfer operators, mobile wallet operators and financial institutions to facilitate digital transactions seamlessly. TerraPay provides its agile, secure and scalable technology platform to enable other businesses to offer remittances, payments and cross-border spends services to customers.
The alliance with TerraPay underscores Visa’a global policy to open up its network and support a host of players that are exploring novel possibilities in trade and transitioning to digital channels.
Visa’s efforts to expand the Fintech Fast Track Program is aimed at tapping the growing mobile-electronic commerce market, which requires easy payment methods and total customer satisfaction to conclude transactions. Per Allied Market Research, global m/e-commerce continues to evolve each day and is expected to reach a market value of $4.574 trillion by 2023, up from $601 billion in 2016.
Earlier in April 2020, Visa partnered with Wirecard, the global innovation leader in digital financial technology, to bolster the Visa Fintech Fast Track Program in the Middle East region.
Recently, the company announced its digital support for the small and micro business (SMBs) units, which have been badly hit by the COVID-19 pandemic.
Numerous acquisitions and alliances plus technology upgrades and effective marketing exercise bode well for the long haul and are consistently driving revenues.
Shift in payments to new modes, such as mobile phones, cards, online and wearables paves the way for long-term growth and bloat payments and cross-border volume as well as processed transactions.
In three months’ time, the stock has rallied 18.9% compared with its industry’s growth of 213.2%. Other companiesin the same space, such as American Express Co. AXP Mastercard Inc. MA and Discover Financial Services DFS , have gained 6.2%, 15.4% and 36.7%, respectively, over the same time frame.
Visa currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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