HSBC inks deal with Visa for new consumer debit cards

NEW DELHI: Global banker HSBC on Monday announced that it has selected Visa as its brand partner for new consumer debit cards to be issued in about 20 countries, including India.

"This deal expands the relationship between two global leaders, HSBC and Visa, in some of the fastest-growing areas in the world," Visa President Hans Morris said in a statement issued here today.

The five-year regional agreement between HSBC and Visa hints at expansion of HSBC's current credit card issuing relationship with Visa, the statement added.

After the agreement, the bank in association with Visa will provide debit products to new and existing customers across multiple geographies.

Currently, there are approximately 847 million Visa Inc. debit cards globally; representing more than 2.1 trillion dollars in total volume till June 30 this year, the release said.

While Visa operates as the world's largest retail electronic payments network providing processing services and payment product platforms, including consumer credit, debit, prepaid and commercial payments, HSBC Asia Pacific is the founding and a principal member of the HSBC Group with more than 9,500 offices in 85 countries and territories.