CaixaBank and Global Payments are building on a series of partnerships to build a joint prepaid venture in Europe.
The venture will operate under the CaixaBank’s MoneyToPay brand, with Global Payments owning a 51% share over the bank’s 49%. This brand was formed by CaixaBank in 2012.
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Kelley Knutson, senior executive vice president of Global Payments and president of its Netspend prepaid unit, will be MoneyToPay’s chairman.
Netspend was acquired by TSYS in 2013 for $1.4 billion before TSYS itself was acquired by Global Payments last September for $21.5 billion.
CaixaBank and Global Payments have been maintaining a close partnership since 2010, starting with creation of their first joint venture Comercia Global Payments.
With a total market share in the merchant acquiring field of 27% and more than 400,000 businesses as customers, Comercia Global Payments is one of the leading payment services providers in Spain.
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Caixabank has two other joint ventures with Global Payments. The first is a three-part joint venture with Global Payments and Erste Bank of Austria to provide merchant acquiring and payment processing services in Austria, the Czech Republic, Slovakia and Romania.
These two mentioned companies along with Samsung, Visa and Arval, have also developed Payment Innovation Hub, the first multi-sector business alliance hub in Spain to focus on payment methods and business solutions.