Global Processing Services Nets Visa Investment For Expansion

Global Processing Services (GPS), the payments issuer processor, has a new strategic investment from Visa to help GPS launch new products and continue expanding, according to an emailed press release.

The move comes after GPS’s recent launches in Europe and South East Asia, including Revolut and Starling Bank, according to the release.

GPS’s technology helps brands by allowing them to provide customized experiences put squarely in the cardholders’ hands, the release says, having previously supported FinTechs, digital banks, and eWallets on their various journeys.

Last year, GPS partnered with the U.K. Department for International Trade’s Fintech Bridges and the Singaporean Economic Development Board to expand into the Asia Pacific (APAC) region. That has led to the delivery of successful programs, including Xinja, the Australian neobank, which was the second one to be authorized as a deposit-taking institution, and WeLab Bank, the first Hong Kong-based homegrown virtual bank.

GPS Chief Executive Officer Joanne Dewar said the partnership would work as a vehicle for recognition and broadening the company’s reach.

“We have great relationships with Visa around the world and we look forward to taking these from strength to strength as we work together to showcase both of our capabilities,” she said, according to the press release. “GPS is uniquely focused on customer success and we welcome the opportunity to spotlight the role we play at the epicentre of the FinTech story.”

Dewar also said the payments industry was evolving quickly and that meant there was a need for fast innovations.

“The entire payments industry is evolving at speed, which has only accelerated further with the increased preference and convenience for digital payments over cash transactions,” she said, according to the release. “Through innovation and solid partnerships, we will successfully accelerate the delivery of better financial experiences for every customer.”

Regarding the changes happening in payments, cash is less and less seen as a primary way to pay, as PYMNTS learned in a recent study with Visa. The study found that cash had been used only a fraction as much as it used to be. The potential for cash exposure to COVID-19 infection has only expedited this transformation.