Visa Europe remains a membership association
LONDON, 19 March 2008
Today Visa Inc. launched its initial public offering (IPO) on the New York Stock Exchange, while Visa Europe maintains its independent status as a membership association owned and governed by its 4,600 European member banks.
Taking account of the specific features and the needs of the European payments market, Visa Europe remains an independent incorporated company operating the Visa brand and products in Europe with an exclusive and irrevocable licence in perpetuity.
A Visa Europe spokesman said: “Today sees the final part of Visa’s global restructure, following the creation of Visa Inc. last October when Visa Europe became a fully independent European payment system. Payments in Europe are at a critical point in development, with SEPA (the Single Euro Payment Area), the Payment Services Directive (PSD), and the deployment of chip and PIN. To achieve the goal of displacing inefficient payments, such as cash, needed a unique response – Visa Europe is that unique response.”
Visa Europe’s decision to retain a membership-owned association structure enables it to remain fully dedicated to the development of an internal market for payments in Europe. As a truly European payment system, Visa Europe can better meet the unique needs of its European member banks and their customers, in particular at a time when key investments need to be made to help create the internal market for payments (SEPA). At the same time, Visa Europe enjoys global interoperability.
One example of a product developed specifically for the European market is V PAY, our innovative and secure chip and PIN only debit card that allows its holders to make payments across Europe. V PAY cards are already being issued in Germany and Italy, and 22 banks from eight European markets have already committed to issuing more than 20 million cards putting Visa Europe well on course to meet its target of 40 million V PAY cards by 2010.
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About Visa Europe
In Europe, there are over 348 million Visa debit, credit and commercial cards. In the 12 months ending September 2007, those cards were used to make purchases and cash withdrawals to the value of over €1.3 trillion. 11.4% of consumer spending at point of sale in Europe is with a Visa card.
Visa Europe is a membership association - an organisation owned and operated by its 4,600 European member banks – that was incorporated in July 2004. In October 2007, Visa Europe became independent of the new global Visa Inc., with an exclusive, irrevocable and perpetual licence in Europe.
As a dedicated European payment system it is able to respond quickly to the specific market needs of European banks and their customers – cardholders and retailers, and to meet the European Commission’s objective to create a true internal market for payments.
Visa enjoys unsurpassed acceptance around the world. In addition, Visa/PLUS is one of the world’s largest global ATM networks, offering cash access in local currency in over 170 countries.
Contact details:
Lorraine Pitt
Visa Europe Corporate Communications
Tel: +44 (0)20 7795 5291
pittl@visa.com
Simon Kleine
Visa Europe Corporate Communications
Tel: +44 (0)20 7795 5311
kleines@visa.com
