As the US challenger bank Zenus Bank gears up to open later in 2020, it has now become a principal member of Visa.
By leveraging Visa’s brand, scale and global acceptance footprint, Zenus hopes to bring a robust and innovative value proposition. Under the agreement, Zenus will exclusively issue Visa-branded debit cards.
Zenus Bank is set up to operate a full reserve business model without lending or credit activities offering an international alternative to local banks.
“Our mission is to give people in emerging economies an alternative to local traditional banks by offering a transparent, digital banking experience on par with leading global banks,” said Mushegh Tovmasyan, chairman and founder of Zenus Bank. “This great partnership with Visa, the world’s leader in digital payments, will further enable us to become the competitive edge for our customers.”
Luis Guerra, country manager at Visa, added, “Payments technology is continuously evolving the way consumers and merchants interact and banks must adapt quickly their infrastructure and business model to succeed.
“The collaboration with Zenus is one of the latest examples of Visa’s efforts to help clients enable individuals and small businesses with state-of-the-art digital payments capabilities in a world that is moving at a faster speed to adopt secure, frictionless and convenient consumption experiences”
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