iSignthis (ASX:ISX) has entered into an Australian Principal Member licensing agreement with the Asia Pacific subsidiary of Visa .
They'll act as a merchant’s card acquiring institution, and process online/remote payments from cards issued anywhere by other Visa Principal or Associate member institutions.
The Company generates revenue from its contracted merchants by charging a percentage fee known as the Merchant Discount Rate (MDR) on the sale amount processed on behalf of the merchant.
Visa has more than 3.3 billion cards worldwide across 200 countries and territories, and capacity to process more than 65,000 transaction messages per second.
Shares in iSignthis (ASX:ISX) are trading 7.14 per cent higher at 90 cents.