Barclays Bank has extended its long-standing partnership with Visa, signing a new multi-year European agreement with the card scheme in an effort to drive innovation and product development and to support growth in new markets.
Barclays has a longstanding relationship of more than 50 years with Visa, beginning with the launch of the UK's first credit card in 1966. The two firms have also partnered on other innovations, including the launch of contactless payments and wearables in the UK and the roll out of ‘touch and go’ payments across the Transport for London Network.
Alongside the overseas aspect, the agreement ensures Barclays will continue to offer Visa as its card scheme partner for cards issued in UK.
Ashok Vaswani, global head of consumer banking and payments at Barclays, comments: “We process nearly half of the UK’s debit and credit card transactions, which reflects Barclays position in the marketplace. Partnerships such as this enable us to continue to commit investment to developing new payment solutions that benefit all of our customers.”