- Secure payment service iSignthis has signed an Australian Principal Member licensing agreement with a subsidiary of Visa
- The agreement will allow this company to process payments and settle on behalf of merchants globally who are connected with Visa
- iSignthis’ share price is up 15.48 per cent today, currently sitting at $0.97 per share
Secure payment enabler iSignthis has signed a deal with the Asia Pacific Singapore based Visa subsidiary.
The new deal allows the company to process payments globally and make settlements on behalf of merchants who are Visa customers. The agreement extends to Visa’s associate companies too.
iSignthis charges a fee to merchants on processed sales which is how it generates revenue.
In 2017 the Australian card processing market was over $748 billion, with retail sales accounting for the majority of revenue.
Global payments giant Visa provides services for over 3.3 billion cards, operating in most countries and territories around the world.
The deal, which is an Australian Principal Member licensing agreement, is strictly regulated by the Reserve Bank of Australia.
The companies are required to prove fraud and security control, information consistency and security and corporate and ethics governance, among other criteria.
CEO of iSignthis John Karantzis said: “The company is pleased to extend its principal member relationship with Visa into multiple regions, including the EAA and Australia”.
“This agreement also paves the way for iSignthis to expand within the Asia Pacific region in due course, through its relationship with the Visa Singapore regional office,” John added.
iSignthis is also a Principal Member of Mastercard, ChinaUnionPay and Australia’s Diners and Discover branch.
iSignthis’ share price is up 15.48 per cent today, currently sitting at $0.97 per share.