Visa Inc. V recently agreed to partner with PopID to set up facial verification payment acceptance in the Middle East region. Visa, a global digital payment service mammoth, joining forces with consumer authentication service PopID can lead to an increased number of customers opting for facial verification payment acceptance.
The partnership will deploy PopPay, a payment solution offered by PopID, at multiple assets of investment firm Dubai Holdings. PopID intends to create a joint venture with Dubai Holdings, which will support the usage of PopPay. The companies are targeting Central and Eastern Europe, and Middle East and North Africa regions.
The move is expected to increase security and boost innovation in the payments spectrum. Retailers like Costa Coffee and grocery chain Géant are expected to be one of the first merchants to use the technology, which is likely to hit the markets soon. The launch of this leading payments technology in the Middle East region follows the deployment in Japan, in collaboration with a subsidiary of SoftBank Corp.
Visa continues to invest in technology and partnerships to further boost its already leading position in the payments market, minimize the impact of fraud, and protect consumer and merchant information. Its focus on bringing innovative digital payment options to clients is praiseworthy. V has a long runway for growth in the emerging payments industry in the years to come. It recently partnered with payment service provider i2c Inc. to offer payment and processing services for financial technology or FinTech companies in the MENA region.
Shares of Visa have increased 4.1% in the past year against the industry’s 26% decline.
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Zacks Rank & Other Key Picks
Currently, Visa has a Zacks Rank #2 (Buy). Other top-ranked players in the Financial Transaction Services space include Usio, Inc. USIO, WEX Inc. WEX and International Money Express, Inc. IMXI, each carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Based in San Antonio, TX, Usio’s innovative prepaid card solutions recently grabbed a deal from the Oakland Department of Transportation. USIO’s bottom line for 2022 is expected to jump 750% year over year to 13 cents per share. USIO beat earnings estimates thrice in the last four quarters and met once, with an average surprise of 93.8%.
Headquartered in Portland, ME, WEX is witnessing robust demand for payment processing, account servicing and transaction processing services. WEX’s 2022 earnings per share are expected to rise 27.4% year over year to $11.64. WEX beat earnings estimates in each of the last four quarters, with an average of 10%.
International Money Express — headquartered in Miami, FL — should benefit from the acquisitions of La Nacional and LAN Holdings, Corp., which in turn boosted its footprint in 70 countries. Full-year 2022 bottom line of IMXI is expected to rise 12.9% year over year to $1.66 per share. In the past 30 days, Intermex has witnessed one upward estimate revision and no downward movement.
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