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When Visa and PayPal announced a strategic partnership that would see the largest payments network in the world and the largest digital payments network jointly leveraging their considerable individual strengths to accelerate the pace of digital payment innovation and adoption last July, then Visa CEO, Charlie Scharf, said that it was “all about driving growth in the electronic payments universe.”
That universe now includes the Asia-Pacific region.
In a press release issued yesterday (April 4), Visa and PayPal made official something that Visa Group Executive for Asia-Pacific, Chris Clark, said had been in the works almost since the partnership was first announced.
According to him, it will likely be done in the next couple of weeks.
In a conversation with Karen Webster yesterday shortly before the news went public, PayPal’s Head of Global Core Payments, Jim Magats, said this partnership structure is “market specific and takes the goodness of the U.S. deal and the principle of consumer choice and makes it come alive in an exciting and dynamic region of the world.”