Visa is to acquire a majority stake in Mexican payments processor Prosa.

Under the agreement, Prosa will continue to operate as an independent company with its own infrastructure.

Visa will expand the company’s product offering as well as share technological expertise.

Visa said its investment in the company will allow Prosa’s partners to offer new services to small businesses which it claims will accelerate the acceptance of digital products.

The company added that the partnership will enable Prosa to deliver tokenised payments and the ability to send and receive payments in real time.

Prosa currently processes around 10 billion transactions per year and has operated in Mexico for over five decades.

“Technology and innovation are the foundation of our business and at the core of what we do as such, this investment is part of our ‘network of networks’ strategy where we leverage best-in-class technologies from around the world to complement our own,” said Eduardo Coello, regional president for Visa Latin America and the Caribbean. “With the enhanced technology infrastructure provided by Visa’s global payments network, we are setting the groundwork to develop new, innovative ways to pay and be paid for consumers and small businesses alike alongside local issuers and acquirers in Mexico.”

The transaction is subject to regulatory approval and is expected to close during the second half of 2024. The terms of the acquisition were not disclosed.

Under the acquisition agreement, Prosa’s existing shareholders including Banorte, HSBC Mexico, Invex, Santander Mexico, Scotiabank Mexico and Banjército will continue to own the remaining portion of the company.

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