HSBC and Visa recently announced that the companies have expanded their global relationship to include the launch of the first debit Visa payWave contactless payment programs in the Middle East.
The regional agreement represents an expansion of HSBC's current credit card issuing relationship with Visa, and is a another milestone in Visa's efforts to combine the company's global brand and payments expertise with strong local marketplace knowledge and execution to help clients grow their business.
The new cards will be available to all HSBC customers in eight countries including UAE, Qatar, Bahrain, Oman, Egypt, Jordan, Lebanon and Pakistan.
The card will feature an EMV contact chip as well contactless payment technology for fast transactions at merchant locations where speed and security are critical, such as quick service restaurants, and convenience stores. The Visa payWave debit cards will also be able to support services such as loyalty programs for cardholders, bringing more convenience and added value to debit transactions.
"The introduction of a region-wide HSBC Visa debit chip card is further evidence of HSBC's commitment to delivering innovative products to market and enhancing customers' banking experience. We are delighted to launch a product in association with Visa that offers our customers convenience and flexibility, enabling them to use their cards at the point of sale and ATM," said Abdulfattah Sharaf, CEO Personal Financial Services, HSBC Middle East.
"This deal expands the relationship between two global leaders - HSBC and Visa - in some of the fastest growing areas in the world," said Hans Morris, president, Visa Inc. "We are delighted by HSBC's decision to enhance our partnership and extend Visa's debit products to new and existing customers across multiple geographies. Importantly, this agreement delivers on our strategy to expand Visa's global debit leadership, as we seek to further the migration from cash and check to Visa payments."
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HSBC Bank Middle East Limited (HSBC)
HSBC is the largest and most widely represented international bank in the Middle East. HSBC Bank Middle East Limited has 46 branches throughout the United Arab Emirates, Oman, Bahrain, Qatar, Kuwait, Jordan, Lebanon, Pakistan and the Palestinian Autonomous Area. In addition to the branch network the Bank maintains representative offices in Tehran, Iran and Tripoli, Libya. This extensive regional coverage is strengthened by another member of the HSBC Group, HSBC Bank Egypt SAE; and by its associated companies; The Saudi British Bank; British Arab Commercial Bank Limited; HSBC Saudi Arabia Limited; SABB Securities Limited; SABB Takaful Co.; and Dar Es Saalam Investment Bank.
HSBC Holdings plc - www.hsbc.com
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from more than 9,500 offices in 85 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$2,547 billion at 30 June 2008, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank'.
About Visa Inc.
Visa Inc. operates the world's largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world, and Visa/PLUS is one of the world's largest global ATM networks, offering cash access in local currency in more than 170 countries. For more information, visit www.corporate.visa.com
Media enquiries to Andrea Jaishankar,
Manager Communications,
HSBC Bank Middle East Limited
04 4235635
andreajaishankar@hsbc.com
© Press Release 2008
