Visa investing in South Africa to extend its payments network
JOHANNESBURG – 15 October, 2019: Visa (NYSE:V), the world’s leader in digital payments, today announced plans to establish localised processing infrastructure in South Africa. The new infrastructure will supplement the company’s global processing network VisaNet and serve both domestic and international payments for South African clients.
VisaNet is one of the world’s most advanced processing networks delivering secure, reliable and scalable transaction processing and value-added payment services. The Visa network enables the rapid innovation required for Visa’s clients and partners to compete in the payments industry globally. This includes advancing mobile payments and services, money transfer, person-to-person payments, e-commerce, government disbursement and best-in-class fraud solutions and capabilities like Tokenization, EMV chip security, transaction and settlement risk management services, contactless (payWave) and 3D secure (Verified by Visa ((VbV)).
The localized infrastructure will help financial institutions offer innovative products and services to cardholders while lowering the cost of investment by providing a shared platform for Visa’s clients to use domestically and globally.
“Visa is committed to the growth and continued development of the South African market in addition to bringing global best practise to the local industry,” says Aida Diarra, Senior Vice President, Sub-Saharan Africa Group Country Manager Visa. “We are excited to bring our network capabilities on-shore and will continue to deliver a wide range of products, platforms and globally scaled value added services.”
“Visa has been actively engaging with regulators, clients and partners to gauge readiness and to establish appropriate timeframes within local regulatory guidelines. Visa’s mission — to connect the world and enable individuals, businesses, and economies to thrive — is made possible by VisaNet. Visa will start the process of establishing its domestic processing infrastructure during 2020, and we will announce our go-live date once formalised with both clients and partners.” says Diarra.
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