The amount of the acquisition is $257 million, according to FinTech Magazine.
Payments can presently be sent to or from Visa cards; the credit card network said the acquisition of Earthport will allow Visa to be utlizied to send or receive funds through bank accounts worldwide.
"With the acquisition of Earthport, Visa expects to be able to reach the vast majority of the world's banked population and allow them to easily, quickly and securely move money worldwide," the company said in Wednesday's press release.
Why It's Important
“Visa is modernizing the way we move money by making it quicker, safer and easier to pay and be paid than ever before," Bill Sheley, Visa's head of global push payments, said in a statement.
Nearly $80 trillion is sent via wire transfers or bank accounts worldwide, but the process is more difficult than it should be, according to Visa.
Visa shares were trading higher by 0.37 percent at the time of publication Wednesday, while Earthport's OTC shares were higher by 5.32 percent.
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