HSBC teams up with Visa for debit cards

The Hongkong and Shaghai Banking Corp. (HSBC) and Visa International have expanded their global relationship to include new debit card programs in a number of countries and territories throughout Asia Pacific and the Middle East.

The five-year regional agreements represent an expansion of HSBC’s current credit card issuing relationship with Visa, and are the latest milestones in Visa’s efforts to combine its global brand and payments expertise with strong local marketplace knowledge and execution to help clients grow their business.

“This deal expands the relationship between two global leaders – HSBC and Visa – in some of the fastest-growing areas in the world,” Bob Joubert, Visa country manager for the Philippines, said.

Joubert added that the new relationship delivers on HSBC’s plan to expand Visa’s global debit product offerings to further the migration from cash and check to Visa payments.

Under terms of the agreement for Asia Pacific, Visa will become HSBC’s exclusive partner for new consumer debit products, with HSBC issuing more than 10 million Visa debit cards in Australia, Brunei, India, Indonesia, Malaysia, Mauritius, Philippines, Singapore, Sri Lanka, Taiwan, Thailand and Vietnam.

HSBC regional officials added that Visa debit cards are a key element of its customer proposition in the Asia Pacific markets.

“HSBC customers will enjoy the benefits provided by HSBC and Visa using the Visa debit card in our direct channels as well as at the merchant point of sale,” they added.

Currently, there are approximately 847 million Visa debit cards globally, representing more than $2.1 trillion in total volume, in end June 2008.