Visa Inc. announced in a press release today that it is acquiring privately held Visa Europe Ltd. for up to 23.4 billion dollars,depending on how many benchmarks are achieved.The deal will add to Visa Inc. about 3,000 European issuers and more than 500 million accounts that pay more than 1.5 trillion euros.The transaction reunites the two companies that had been one until 2004.Subject to regulatory approval,the cash and stock deal is expected to close in Visa's fiscal third quarter of 2016.
The move will result in a more seamless experience for Visa's global customers,with those in Europe getting access to the innovative technology,products and services of Visa Inc.European transactions are still 37% cash or check,so Visa Inc. will be able to grow substantially there.*
Visa Inc. is a global payments technology company connecting consumers,businesses,financial institutions and governments in more than 200 countries and territories to fast,secure and reliable electronic payments,Visa Inc. said.Visa Europe is also a payments technology company,but is owned and operated by member banks and other payment services in 38 countries,rather than shareholders.It services the more than 500 million cardholders in Europe.Benefits from revenue synergies,cost savings and increased repurchases of Class A common stock will begin to accrue in fiscal full-year 2017,Visa Inc. projected.*
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Showing posts with label payment cards. Show all posts
Showing posts with label payment cards. Show all posts
Monday, November 2, 2015
Monday, February 4, 2013
Australian Regulator Sues Visa For Noncompetitive Practices
The Australian Competition and Consumer Commission is suing Visa in the Federal Court of New South Wales.Chairman Rod Sims says it is concerned that Visa sought to stop the growth of competing dynamic currency conversion services and,as a result,limit the choices available to consumers.
Action is being taken against VISA AP(Australia),VISA Inc,VISA USA Inc,and VISA Worldwide Pty Ltd.The ACCC is seeking penalties against Visa and declarations that all the companies took advantage of its substantial degrees of market power in the international payment card network.
Travelers to Australia using a Visa payment card did not get to choose who does their currency conversion when withdrawing cash from an ATM.They were denied the ability to know the cost of the transaction in their own currency at the time the transaction was made.As well,Australian retailers were denied the opportunity to share in the revenue from the process of currency conversion at new merchant outlets.
Visa is alleged to have banned alternative currency conversion services at Australian ATMs since late 2007;and since April 2010,Australian retailers could use Visa's payment system or accept Visa credit cards only if they agreed to use Visa's currency conversion service.
Visa Inc(V)
Action is being taken against VISA AP(Australia),VISA Inc,VISA USA Inc,and VISA Worldwide Pty Ltd.The ACCC is seeking penalties against Visa and declarations that all the companies took advantage of its substantial degrees of market power in the international payment card network.
Travelers to Australia using a Visa payment card did not get to choose who does their currency conversion when withdrawing cash from an ATM.They were denied the ability to know the cost of the transaction in their own currency at the time the transaction was made.As well,Australian retailers were denied the opportunity to share in the revenue from the process of currency conversion at new merchant outlets.
Visa is alleged to have banned alternative currency conversion services at Australian ATMs since late 2007;and since April 2010,Australian retailers could use Visa's payment system or accept Visa credit cards only if they agreed to use Visa's currency conversion service.
Visa Inc(V)
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