In today's top stories for Visa Inc. (NYSE: V), we look at the company's prospects in China, the strengthening of its position in the payment processing industry, and a new product launch in the Philippines.
Political Uncertainty in China-US Payment Collaborations
Visa's expansion efforts in China face political uncertainty due to recent payment collaborations between U.S. and Chinese companies.
Despite the slower recovery of travel between the U.S. and China compared to other corridors, Visa remains optimistic about the growth in cross-border travel and views China as a significant opportunity.
These collaborations aim to simplify payments for various types of travel, with Flywire focusing on outbound student travel and Visa and Mastercard Inc's (NYSE: MA) Mastercard on travel to China, American Banker reports.
Priority Technology Holdings Acquires Plastiq
Priority Technology Holdings has completed its acquisition of Plastiq, a move that bolsters Visa's standing in the payment processing industry.
The acquisition, approved by the United States Bankruptcy Court for the District of Delaware, combines Priority's payments and banking solutions with Plastiq's bill pay and working capital platform.
This merger will provide a comprehensive suite of working capital solutions for businesses of all sizes, allowing them to optimize vendor relationships, maximize cash flow flexibility, and drive growth, according to a press release.
EastWest Launches New Visa Products
EastWest has introduced the EastWest Pay App and an enhanced version of their Visa Platinum Card, providing customers with rewards and convenience.
The EastWest Pay App, a first in the Philippine market, allows EastWest Visa cardholders to make contactless payments using their NFC-capable Android smartphones.
The app also offers features such as viewing account details, transaction history and temporarily locking and unlocking the card for added security.
In addition, the enhanced EastWest Visa Platinum Card offers competitive cashback and rewards for various transactions, including shopping, dining, travel, and utilities, as reported by Manila Bulletin.