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Barclays and Visa sign up for an European agreement

Barclays has entered into a new multi-year partnership with Visa in a bid to enhance consumer protection and security associated with Visa card payments. The European agreement will enable Barclays to continue offering Visa as its card scheme partner for cards issued in the UK, boost product development and facilitate international expansion for the company.

Ashok Vaswani, Global Head of Consumer Banking and Payments at Barclays, said,  “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. We process nearly half of the UK’s debit and credit card transactions, which reflects Barclays position in the marketplace. Partnerships such as this enable us to continue to commit investment in developing new payment solutions that benefit all of our customers.”

The partnership is expected to enable Visa to develop product innovations and facilitate their deployment across the Barclays Payments network. It will also allow Visa to boost the investment bank’s processing businesses and develop propositions for both companies.

Charlotte Hogg, Chief Executive Officer, Europe at Visa, said, “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.”

Barclays and Visa’s partnership dates back to 1966 when the Bank launch a credit card with the card scheme. The companies have also partnered for the launch of contactless payments and wearables in the UK and the roll-out of ‘touch and go’ payments across the Transport for London Network.

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