Visa entered into an agreement to acquire a majority interest in Prosa, a payments processor in Mexico.
The payments-networks company said Prosa will operate as an independent company with its own technology infrastructure under the agreement, while Visa looks to expand Prosa’s product offering with new digital solutions, among other efforts.
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Visa Inc. has recently announced an agreement to purchase a majority stake in payments processor Prosa, a Mexico-based technology company.
The agreement is a major show of support for the growth and potential of the Mexican payments industry. Through its strategic acquisition of the payment processor, Visa will be able to extend its payments offering to Mexican consumers and merchants.
Speaking on the agreement, Visa’s chairman and CEO Al Kelly said, “With this investment, we are deepening our partnership with Prosa and helping ensure they can continue to deliver innovative solutions to Mexican consumers and businesses.” The move further extends Visa’s strong presence in the country, which further expands their control in Latin America.
Prosa was founded in 2015 and has since grown remarkably. The company provides a digital payment solution where consumers can conveniently pay bills, add or withdraw money from accounts, and transfer payments across the country.
Additionally, Prosa has an extensive network of over 350,000 merchants that accept payment through credit cards, cash, and other payment methods. This acquisition will expand Visa’s presence in Mexico and enable it to quickly and securely process payments from customers within the country.
It is expected to be a mutually beneficial arrangement for both companies, with Visa expanding its presence in Mexico and Prosa gaining access to Visa’s powerful payments technology.
This is the largest agreement between an American payments technology provider and a Mexican payments processor, representing a major positive leap forward in the development of the Mexican payments sector. It is likely that in the near-future, this acquisition will bring further innovation to the country’s payments ecosystem.
