Spanish retail bank CaixaBank is joining forces with payments technology firm Global Payments, to create a joint venture company to offer prepaid card services across Europe.
CaixaBank has entered into the joint venture through its cards and payment business CaixaBank Payments and Consumer, with Global Payments’ business Netspend.
The new company will operate under the MoneyToPay brand, which was formed by CaixaBank in 2012.
MoneyToPay was established as a company exclusively dedicated to prepaid services. The company distributes its products through the CaixaBank branch network and sales points in various sectors.
Global Payments will own 51% stake in the new MoneyToPay brand
Global Payments will own 51% stake in the new MoneyToPay brand, while CaixaBank will hold the remaining 49%.
Netspend senior executive vice president and president Kelley Knutson will be appointed as chairman of MoneyToPay.
Netspend business was established in 1999 to provide alternative payment solutions to consumers who do not have access to a traditional bank account or prefer to use alternative financial services.
With 4.9 million customers, Netspend currently employs 800 people.
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 leading payment services providers in Spain.
Both the companies have partnered for several other projects including the joint venture with CaixaBank, Global Payments and Erste Group Bank to provide merchant acquisition and payment processing services in Czech Republic, Slovakia, Romania, and Austria.
CaixaBank and Global Payments, along with Samsung, Visa and Arval, have developed Payment Innovation Hub, the first multi-sector business alliance hub in Spain to focus on payment methods and business solutions.
