Digital payments company Visa has agreed to acquire a majority stake in Mexico-based payments processor Prosa in a move to expedite the adoption of secure and innovative digital payments in Mexico.

The financial terms of the deal were not revealed.

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

Prosa will continue to operate as an independent company with its own technology infrastructure. The Mexican payments processor will also continue to commercially provide its brand-agnostic solutions.

Visa plans to expand Prosa’s product offerings with new digital solutions by sharing its knowledge and expertise in managing a global network and set of technology capabilities.

Besides, Visa will work closely with participants in the Mexican payment ecosystem, including regulators, current shareholders and the management and board of directors of Prosa over the coming months to ensure a smooth closing of the transaction.

Through the investment in Prosa, Visa aims to allow global payments ecosystem firms to take a more active role in Mexico’s payment landscape. It will increase the range of possibilities for both consumers and merchants.

Prosa will also be able to offer a wide range of new benefits to the Mexican payment ecosystem.

Upon the closing of the deal, Prosa will encourage benefits amongst the cardholders in Mexico, including a plan to enhance the technology that supports the brand-agnostic services offered by Prosa and Visa brand services.

Prosa will also seek to push for new services like the ability to send and receive payments in near real-time and advanced technology that brings greater efficiency to payments, through Visa’s portfolio of solutions.

Furthermore, Visa’s investment in Prosa will allow the latter’s partners to offer micro and small businesses products that will give them the benefit of new digital options to expand their acceptance.

Visa Latin America and the Caribbean regional president Eduardo Coello said: “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.

“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.” Subject to regulatory approvals and other customary conditions, the transaction is expected to be completed during the second half of 2024.