HSBC signs Visa its brand partner for new consumer debit cards

HSBC the global banker launched debit cards for new consumer for which it has selected Visa as its brand partner. The bank will issue debit cards in about 20 countries, including India.

In a statement issued Visa President Hans Morris stated, "This deal expands the relationship between two global leaders, HSBC and Visa, in some of the fastest-growing areas in the world".

The statement also stated that the five-year regional agreement between HSBC and Visa is aimed at expansion of HSBC's current credit card issuing relationship with Visa.

After the signing up of an agreement, the bank in association with Visa will be providing debit products to new and existing customers across 20 countries including India.

According to release at present, there are approximately 847 million Visa Inc. debit cards globally; representing more than 2.1 trillion dollars in total volume till June 30 this year.

Visa is world's largest retail electronic payments network providing processing services and payment product platforms, including consumer credit, debit, prepaid and commercial payments. HSBC Asia Pacific is the founder and a principal member of the HSBC Group carrying out operations in more than 9,500 offices in 85 countries and territories.