The stock of Visa Inc (NYSE:V) closed at $118.98 losing 0.11% in yesterday’s trading session. Visa has disclosed its plan to partner with NovoPayment which is a trusted enabler of digital transaction and financial transaction services.
Visa has had its eye on B2B transactions in the Caribbean and in Latin America. It hopes that by striking the partnership it will be able to reach its set objectives.
A person familiar with the most recent development said, “If everything goes according to plan, these companies will work in three key B2B areas: solutions for the business traveler, solutions for accounts payables and receivables; and accelerating Visa’s bank clients go-to-market strategies.”
The new partnership has much to accomplish this year and has already embarked on the first project. The unveiling of the new project took place in Colombia. The ones that stand to benefit the most are the urban delivery businesses. The new model which is integrated by the NovoPayment’s platform is crucial when it comes serving such business with a much higher scalability and greater operational agility in a fast-paced and digitally-driven category.
Another project advancing that is in line with the newly struck partnership is aimed at simplifying the payment of independent drivers in the fast growing urban mobility and shared transportation segment. Under this particular model, it is expected that all the drivers will be using their Visa accounts in the management of their daily expenses as well as in the receiving of payments.
The partnership with NovoPayment is a great thing considering the fact that most of the Visa clients will be gaining access to the latest and most efficient payment functionalities. The adoption of electronic payments is taking over the world and soon it might turn out to be the most trusted strategy. The Vice President of Product Solutions and New Enablers, Allen Cueli revealed that it was the first initiative emanating from the elaborate partnership with NovoPayment