KASB launches One Visa Debit Card

Karachi, April 29, 2010: KASB Bank limited recently announced the launch of its KASB One Visa Debit Card in a ceremony held at KASB Bank Head office in Karachi. Mr. Amer Pasha, Country Manager, Pakistan & Afghanistan, Visa International and Mr. Muneer Kamal, President & CEO, KASB Bank Ltd. were present to mark this auspicious occasion. 

Speaking on the occasion Mr. Amer Pasha, said “Visa and KASB enjoy a healthy standing relationship and today we are really happy to partner with KASB on their first One Visa Debit card launch. This new debit offering reflects KASB’s commitment to finding innovative ways to meet the evolving payment needs of its growing customer base. We look forward to continuing to work closely with KASB in identifying new opportunities to tailor Visa’s highly versatile debit & prepaid platform to serve their customers and grow their business.” 

Also speaking on the occasion, Mr. Muneer Kamal, President & CEO, KASB Bank Ltd., said, "We choose Visa as our strategic partner because they have an unmatched suite of payment products that allows our customers to pay securely and conveniently for every type of purchase. Visa Debit makes an important contribution to enhancing our relationship with our most valued partner.” 

With the launch of KASB One VISA Debit Card, the bank brings its clients, yet another benefit of alternate payment mode to cash when making purchase at thousands of Point of Sale (POS) terminals across the country, millions of merchants outlets, 1.6 million ATM’s across the globe. The facility will simultaneously allow KASB Bank customers to access their accounts through its diversified network of ATMs and pay conveniently at thousands of merchant outlets with no cash/cheque transaction. 

KASB Bank’s innovative inductions have been significantly enhancing the overall customer experience by matching emerging technology with their aspirations and needs. 

ends- 

About Visa : Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world’s most advanced processing networks—VisaNet—that is capable of handling more than 10,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit http://www.corporate.visa.com

Visa Inc. to Acquire CyberSource to Accelerate eCommerce Growth

Strengthens Visa’s Leadership in Global eCommerce by Expanding Online Payment, Fraud and Security Management Capabilities

Enables Visa to Offer New and Enhanced Online Fraud Prevention Services to Merchants, Financial Institutions and Consumers 

Karachi – April 23, 2010 – Visa Inc. (NYSE: V) (“Visa”) and CyberSource Corporation (Nasdaq: CYBS) (“CyberSource”) today announced that they have entered into a definitive agreement for Visa to purchase CyberSource, a leading provider of electronic payment, risk management and payment security solutions to online merchants at a price of $26.00 per share, or total consideration of approximately $2.0 billion to be paid with cash on hand.

CyberSource is an established industry leader that plays a role in processing approximately 25 percent of all eCommerce dollars transacted in the United States. The company serves more than 295,000 merchants through its CyberSource and Authorize.Net branded solutions. CyberSource clients include British Airways, Home Depot, Facebook, Google and many small businesses. 

The acquisition of CyberSource will result in a compelling combination whose assets and expertise are expected to drive long-term growth by: 

· Accelerating the growth of the eCommerce category thereby also increasing the usage of Visa debit, prepaid and credit products for online purchases. 

· Drawing on Visa’s financial institution relationships and global presence to more rapidly drive international expansion of CyberSource’s products and services. Today the majority of CyberSource’s revenues are generated in the United States, leaving tremendous opportunity for global growth.

· Building on CyberSource’s relationships with merchants to expand the adoption and enhance the functionality of other Visa eCommerce solutions such as Rightcliq.

· Delivering best-in-class fraud management services to accelerate adoption of CyberSource solutions. 

· Increasing adoption of CyberSource’s secure payment data hosting solutions to address a growing merchant need. 

These benefits will be realized by merchants and financial institutions alike. Together, Visa and CyberSource will help merchants increase revenue through global growth while minimizing monetary loss from fraud and provide them with fast and efficient connectivity to multiple payment networks, including Visa. For financial institutions acquirers, Visa will deliver added value by providing new business referrals from eCommerce merchants.

“Online commerce continues to grow rapidly, and this acquisition will enable Visa to offer new and enhanced services that will better meet the growing demand among merchants globally for robust, secure online payment processing capabilities which in turn will grow the entire eCommerce category,” said Joseph W. Saunders, Chairman and CEO of Visa Inc. “With CyberSource, we are adding a new suite of leading eCommerce capabilities and experience in addressing eCommerce merchant needs. And, as eCommerce increasingly migrates to mobile devices, we believe the combination of Visa and CyberSource technology and services will position Visa to lead in mobile eCommerce.”

The two companies are a proven team, having partnered since 1999, and currently collaborate on risk models built into CyberSource’s automated fraud management solutions.

“By joining forces with the world’s foremost payments company, we will have the opportunity to utilize Visa’s regional expertise and global presence to drive international adoption of CyberSource in key geographies,” said Michael Walsh, President and CEO of CyberSource Corporation. 

“We are excited to build on the existing relationship we have with Visa and extend the reach and capabilities of our eCommerce payment platform for small businesses and international brands around the world,” said William S. McKiernan, Executive Chairman and Founder of CyberSource.

“The acquisition of CyberSource aligns with Visa’s long-term strategic plan to identify and invest in opportunities today that will drive future growth and deliver enhanced value to Visa and our clients,” said Saunders. 

Visa expects this transaction to be approximately $0.04 to $0.05 dilutive to its fiscal fourth quarter 2010 earnings per share on a GAAP basis, due to acquisition-related amortization and one-time transaction costs. Visa expects this transaction to be slightly dilutive to its fiscal full-year 2011 earnings per share on a GAAP basis, primarily related to amortization of intangible assets.

CyberSource’s President and CEO, Michael Walsh, will continue to oversee CyberSource’s operations. CyberSource’s Executive Chairman and Founder, William S. McKiernan, will join Visa as an Executive Advisor to assist in the integration of the two businesses. 

The transaction is subject to customary closing conditions, including approval by the stockholders of CyberSource and required regulatory approvals. The transaction, which has been approved by the Visa and CyberSource boards of directors, does not require a Visa stockholder vote and is expected to close in Visa’s fourth fiscal quarter of 2010. 

Visa and CyberSource will host a conference call today at 5:30 a.m. Pacific time (8:30 a.m. Eastern time) to discuss the transaction. The dial-in information for the call is 888-790-4410 (within the United States) or 773-756-0127 (international). The conference passcode is GATEWAY. A replay of the call will be available until May 19 and can be accessed by dialing 800-925-4998 (within the United States) or 402-220-4330 (international). The live call and replay, along with supporting materials, can also be accessed through the Investor Relations section of Visa’s website at http://www.investor.visa.com.

About Visa

Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world’s most advanced processing networks—VisaNet—that is capable of handling more than 10,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit http://www.corporate.visa.com. 

About CyberSource 

CyberSource solutions enable electronic payment processing for Web, call center, and POS environments. CyberSource also offers industry-leading risk management and payment security solutions for merchants accepting card-not-present transactions. CyberSource Professional Services designs, integrates, and optimizes commerce transaction processing systems. Approximately 295,000 businesses use CyberSource solutions, including half the companies comprising the Dow Jones Industrial Average. The company is headquartered in Mountain View, California, and has sales and service offices in Japan, Singapore, the United Kingdom, and other locations in the United States including Bellevue, Washington and American Fork, Utah. For more information on CyberSource please visit http://www.CyberSource.com or email info@CyberSource.com. For more information on Authroize.Net small business solutions, please visit http://www.authorize.net or email sales@authorize.net.

Visa & UBL joins hands to provide banking facilities to IDPs

Visa & UBL joins hands to provide banking facilities to IDPs – Agreement signed for deployment of over 200 POS terminals in the northern areas of the country

KARACHI, 14 April 2010: Visa, a leading payment solutions provider and UBL one of the country’s largest private commercial banks today signed an agreement for the deployment of electronic Point of Sale (POS) machines at designated places in the northern areas of the country which include D.I Khan, Mardan, Mingora, Batkhela and Peshawar.

More than 200 POS machines, provided by Visa Inc. as part of their Corporate Social Responsibility program, will be deployed across UBL’s extensive merchant network, enabling internally displaced persons (IDPs) from Swat and Malakand Divisions to use them to buy food supplies and items of daily use. 

Present at the signing ceremony were Mr. Amer Pasha, Country Manager Visa Inc, Mr. Atif R. Bokhari, President & CEO UBL, executives of UBL, guests from the banking industry and representatives of print and electronic media.

After an initial distribution of 404,675 Visa cards under the program, NADRA and UBL extended card availability to a total of 1.4 million families in the region. At the same time, UBL and Visa have installed point-of-sale (POS) terminals at retail stores providing convenient and ready access to cash to the IDPs.

Speaking on the occasion Mr. Amer Pasha, Country Manager Visa said “Being a socially responsible company, Visa is fully committed to the well being of every individual in every country where it operates. By installing the POS terminals and providing IDPs with Wallet Visa debit cards, with the collaboration of UBL and NADRA, we have brought convenience to IDPs whilst ensuring safety of their funds. Carrying Wallet Visa debit cards, is safer than carrying cash – yet it provides the same benefits that cash and checks do at no additional cost.”

“We are grateful to our partners NADRA and UBL for providing the extensive logistical support and putting the entire infrastructure in place within a matter of weeks for distributing hundreds of thousands of cards to the IDPs in a transparent and efficient manner” he further added.

Also speaking on the occasion, Mr. Atif R. Bokhari, President & CEO UBL said “In parts of the country and in social strata where bank accounts were seldom maintained, we have now created over 427,498 new bank account-holders who would, in the short term benefit from the financial aid which has been  routed through their accounts. In the mid- to long-term this will open up many new avenues for these people to obtain bank financing from UBL in order to meet their business and personal needs.”

Wallet Visa Debit Cards not only deliver a heightened level of convenience and security expected of a Visa product, including the facility to pay for purchase of goods and services and receive itemized bank statements covering all financial transactions carried out, they will also enable cardholders in managing their daily spend better.

In addition to providing technological support and POS machines, Visa, as part of their financial literacy programs across the globe, is planning to run an educational campaign for IDPs in the northern areas of Pakistan within the deployment timeframe of the POS. Visa will also be distributing an educational brochure showing step by step how to

use Visa cards at ATM and at POS machines, apart from running a radio campaign to support the educational cycle explaining the tools and benefits that come with Visa Debit cards.

ends-

About Visa

Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world’s most advanced processing networks—VisaNet—that is capable of handling more than 10,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com

About UBL

UBL is one of Pakistan’s largest private banks. It has an extensive network of over 1,100 branches in Pakistan and a strong presence overseas with 17 branches, 3 representative offices, a subsidiary and 2 joint ventures in 11 countries. With a wide-ranging and dynamic portfolio of globally competitive products and services, and a proven track record spanning over half a century, UBL today is at the forefront of the banking sector in Pakistan as well as in the region.

About Visa Financial Literacy Program

Visa works with government agencies around the world to move from paper-based distribution of electronic benefits to electronic means – such as prepaid cards – for everything from child support to unemployment to emergency assistance and disaster relief. In 2009 in the U.S. alone, Visa had more than 65 disbursement programs operating in 38 states, providing consumers – even those without traditional banking relationships – with a secure, cost-effective and convenient alternative to cash and checks to make everyday purchase, pay bills and even receive deposits to their Visa prepaid card.

95% of education professionals polled in the UAE want financial literacy taught in schools

Visa survey reveals teachers believe financial literacy should be compulsory for all school leavers 

Karachi, (PR) : An overwhelming number of education professionals polled in the UAE believe that basic financial literacy skills are essential for young people today and would like to see the fundamentals of money management taught in schools, according to a recent survey carried out by Visa, the leading payment solutions provider. 

More than 100 teachers from across the UAE were polled in the lead up to GESS, the region’s premier education show, about current provisions for teaching pupils about money management. A staggering 73% of teachers polled admitted that schools did not currently teach basic money skills as part of the curriculum. 

However, when asked if they thought financial understanding was important for young people to acquire, a resounding 92% of education professionals believed it should be made compulsory for all school leavers. A further 95% of those taking part in the survey stated that they would like to start teaching financial literacy in their school and incorporate it into the curriculum. 

Lama Kabbani, Corporate Communications Manager for Visa in the Middle East, said: “Visa believes the most important financial tool is not a product — it is knowledge. That is why, for more than a decade, Visa has been developing financial literacy programs that teach individuals how to spend, save and budget responsibly. Already this year Visa has launched in the UAE its regional financial literacy website, http://www.mymoneyskills.me which will form the cornerstone of our financial literacy efforts in 2010. The Middle East is a priority market for Visa, which is why it is one of the first regions to launch Financial Football.” 

“By harnessing the popularity of the world’s most popular sport, Visa has created the FIFA World Cup themed "Financial Football,” a fast-paced educational video game which can be played on line via the mymoneyskills.me website, we hope to provide teachers with an engaging and interactive tool with which to teach the fundamentals of money management.” 

Unveiled at GESS 2010 in Dubai, Visa’s dedicated financial literacy website in the Middle East is a core part of the company’s global commitment to reach 20 million people worldwide with financial literacy information by May 2013. 

Providing fundamental personal finance information in both Arabic and English on topics such as learning how to plan a budget, preparing for the future, using a credit card wisely and spending responsibly, MyMoneySkills and Financial Football form an engaging platform for young people, families and schools to improve their financial literacy skills. 

To find out more information on financial literacy and play the Financial Football game please visit: http://www.mymoneyskills.me 

-ends- 

About Visa : Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world’s most advanced processing networks—VisaNet—that is capable of handling more than 10,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit http://www.corporate.visa.com