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Visa to acquire majority stake in Mexican processor Prosa

Visa to acquire majority stake in Mexican processor Prosa

Visa is to acquire a majority stake in Mexican payments processor Prosa.

Under the agreement, Prosa will continue to operate as an independent company with its own technology infrastructure and leadership team, while leaning on Visa for an array of new services, such as tokenized payments and the ability to send and receive funds in near real-time.

Eduardo Coello, regional president for Visa Latin America and the Caribbean, says: “With the enhanced technology infrastructure provided by Visa’s global payments network, we are setting the groundwork to develop new, innovative ways to pay and be paid for consumers and small businesses alike alongside local issuers and acquirers in Mexico.”

Prosa has more than five decades of experience processing in Mexico with a strong client base of both issuers and acquirers, processing more than 10 billion transactions per year on its network. Under the acquisition agreement, Prosa’s existing shareholders including Banorte, HSBC Mexico, Invex, Santander Mexico, Scotiabank Mexico and Banjército will continue to own the remaining portion of the company.

The transaction is subject to regulatory approvals and is expected to close during the second half of 2024.

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