National Australia Bank (NAB) has signed an exclusive 10-year deal with Visa to develop new payment technologies.
NAB group executive for product and markets Antony Cahill stated that the long-term alliance aims to speed up the delivery of payments innovation and product development for customers.
The deal will see NAB’s innovation unit, NAB Labs, work with Visa to design, experiment and develop new products.
In addition, Visa will also serve as the exclusive provider of NAB credit cards.
Cahill said: "Under the terms of the deal, NAB and Visa will work together to deliver improved digital capability and innovative payments solutions to the market.
‘This is another important partnership that will position this bank to act more quickly for our customers with enhanced access to new payments capability, technology and insights."
Visa group executive for Asia Pacific Chris Clark added: "Australian payments are in a time of transformation, from mobile to connected devices to future innovations that haven’t been created yet."