Visa Inc. (V - Free Report) has expanded its partnership with fintech company Revolut. This London based company will be assisted by Visa to expand its business globally.
Revolut and Visa have been working in Europe for a couple of years. Revolut provides a range of digital financial services — digital debit accounts, currency exchange, budgeting and person-to-person (P2P) payments — via a mobile application.
The recent agreement calls for expansion of their services globally. Leveraging Visa’s brand, scale and global footprint, Revolut plans to bring its product offering to five new regions, reaching 24 new markets, for a total of 56 markets globally.
Per the terms of the deal, Revolut will primarily issue Visa-branded cards in Australia, the United States, Canada, Japan and other markets. The expansion of Visa’s partnership with Revolut is in sync with its long-term strategy of collaborating with fintech players to keep up with the rapidly changing technology and innovations.
Visa is eager to partner with other fintech companies as well. The company confessed that it has been relatively slow in tying up with fintech companies compared with Mastercard Inc. (MA - Free Report) , which already has partnership with more than 60 fintech companies in Europe.
Year to date, the stock has gained 31% compared with the industry’s growth of 36%.
Visa remains the frontrunner in the payments industry when it comes to innovation and technology, business growth, tie-ups and partnership.
These have driven business volumes for the company with payments volumes of $7.6 trillion achieved in 2018 compared with $3.8 trillion for Mastercard, $1.1 trillion for American Express Co. (AXP - Free Report) and $159 billion for Discover Financial Services (DFS - Free Report) in the same space.
Visa carries a Zacks Rank #2 (Buy).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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