Posted on 04/25/2016 at 09:08

Wirecard becomes first non-financial institution to issue Visa Prepaid Cards in Singapore

Wirecard becomes first non-financial institution to issue Visa Prepaid Cards in Singapore

Continuation of Wirecard’s strategic partnership with Visa Inc. in Asia Pacific

Wirecard Singapore Pte Ltd, a Wirecard Group company, has been approved as a Principal Member of Visa Inc. as the first non-Financial Institution members in Singapore. This move is a continuation of Wirecard’s strategic partnership with Visa Inc. in Asia Pacific to enable easier access to prepaid card issuing for parties across the ecosystem, following the acquisition of Visa Processing Services (VPS) in 2015. 

Both Visa and Wirecard are committed to develop new payment solutions, especially in the FinTech area, while maintaining the highest standards of service availability, risk management, anti-money laundering and security. Wirecard will be using its Principal Membership to bring a suite of its own products to the market including virtual B2B payment cards, multi-currency travel and mobile payment solutions. In addition to serving its own products, Wirecard will provide end-to-end services to Program Managers, who want to manage their prepaid programs by themselves, and other players on the market with white label and cobranded solutions. 

“We are excited to be providing Wirecard with a Visa prepaid issuing license and to support them in serving locally affiliated and small medium enterprises – a market where we see great potential. By leveraging the Visa Developer platform to open up our APIs and collaborating with Wirecard, we are making it even easier for innovators and FinTech companies to create new and more secure ways to pay,” said T.S. Anil, Head of Products, Visa Asia Pacific. 

Grigoriy Kuznetsov, EVP Global Financial Services at Wirecard Singapore: “We are really pleased to enter into this strategic partnership with Visa for Singapore and larger Asia Pacific region. We are the only player on the market today in Singapore capable of issuing cards for mobile and contactless payments as well as providing BIN sponsorship and processing services for white label prepaid programs. We are more than just a Visa member, but are also acting as a technology provider and therefore being in a position to deliver a holistic solution to our potential clients. We have some promising projects on the cards and have already seen a great deal of interest in these.”

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