The 62,000 square foot site in Palo Alto will serve as an "epicenter for technologists, academics and global thinkers", housing the firm's data, network processing and loyalty and offers teams.

It will also be home to Visa Research, a new organisation within Visa focusing on the scientific foundations of technologies such as blockchain, cryptography, artificial intelligence and deep machine learning.

Al Kelly, CEO, Visa, says: "Everything we do begins and ends with our technology and talent. It’s the only way we can continue to lead in the payments industry, which is moving at lightning-speed. The new Palo Alto office is part of Visa’s effort to attract and retain the best people, and to foster collaboration with the organisations based in Silicon Valley."

This means partnering with organisations focused on advancing STEM education in the Bay Area, and a number of companies and non-profits providing technology resources and education for underrepresented groups in the tech industry.

As it seeks to keep its place at the top table of payments in the rapidly evolving digital and mobile era, Visa has been busy opening new facilities around the world in the last year. The firm has set up a technology development centre in Bangalore and innovation centres in Dubai, Miami, San Francisco, and Singapore.

Another innovation centre will officially open in London later this month. Based at Visa's European headquarters at Sheldon Square, it is designed for the card firm and its partners in banking, retail and technology to work together on new ways to integrate payments into the consumer experience.

The space features a variety of daily interactions such as the Internet of Things, blockchain, AI, robotics and mobile payments and workspace where Visa and its partners can collaborate side-by-side.