The partnership between Wirecard and Visa is expected to bring fast to market digitised financial solutions to the Middle East market

Wirecard Visa

Wirecard headquarters in Aschheim near Munich, Germany. (Credit: Molatore.)

Wirecard, a German financial services provider, has inked a deal to act as the preferred payments processor for Visa to boost the Visa Fintech Fast Track Program in the Middle East region.

The Visa Fintech Fast Track Program is expected to support fintech partners in developing new commerce experiences by using the capabilities and security of VisaNet, Visa’s payment network.

As a partner to Visa, Wirecard will support the payment and fintech community in the region by offering its financial technology and payments solutions as well as its market expertise.

Visa CEMEA strategic partnerships, fintech and ventures vice president Otto Williams said: “We recognize that fintechs are nimble and fast and expect the same of any partner. The Visa Fintech Fast Track Program meets fintechs at the speed they work, streamlining access to Visa assets and capabilities, both globally and across the region.

“This partnership with Wirecard will allow us to continue to enhance the value of fintechs being part of our network and ensure that we work together on innovative new commerce experiences that can be delivered at scale and with pace.”

Wirecard will now have access to Visa’s growing network

The partnership enables Wirecard to have access to Visa’s growing network that is part of the Visa Fintech Fast Track Program.

The two companies have also agreed to cooperate to develop programmes to accelerate growth and innovation for their respective businesses.

Wirecard Middle East regional manager Humza Chishti said: “We are excited to be a part of the Visa Fintech Fast Track Program and together, we can continue delivering financial technology innovations to the key Middle East market.”

Last month, Wirecard partnered with Klarna to launch a joint enhanced payment solution.

The partnership enables all the three shopping methods of Klarna including Pay Now, Pay Later and Klarna Financing, to be embedded into merchants’s checkout via single integration through the Wirecard digital financial commerce platform.

The joint payment solutions is expected to boost average order value, conversions and fuel growth of merchants.