Visa is designated the preferred payment solution for 1.5 million
employee benefit accounts
SAN FRANCISCO--(BUSINESS WIRE)--Jan. 24, 2012--
Visa Inc. (NYSE: V) and WageWorks Inc., a leading on-demand provider of
tax-advantaged programs for consumer-directed health, commuter, and
other employee spending account benefits, today announced a new,
multi-year agreement naming Visa as WageWorks’ preferred brand for
prepaid employee benefit and health spending cards. Spanning a myriad of
consumer directed benefit accounts, the relationship provides employers
and their employees with the convenience, security, and reliability of a
Visa prepaid card when accessing tax deferred money for qualified
“By partnering with one of the most highly recognized brands in the
world, we are strengthening our commitment to become a world-class
provider of benefits services,” said Edgar Montes, SVP of Service
Delivery for WageWorks, Inc. “With this arrangement, we are maximizing
merchant coverage for all of our products through the use of the Visa
WageWorks provides nearly 10,000 employers with a broad array of
consumer-directed benefit accounts, representing 24 percent of Fortune
500 companies and 40 percent of Fortune 100 companies across the U.S.
Working with employers, WageWorks helps consumers stay ahead of the
rising cost of living, by spending less of the household budget on
healthcare and transportation through tax deferred savings programs.
WageWorks’ participants can set aside pre-tax money each month, and use
a Visa-branded FSA or transportation card for eligible expenses.
In addition, Visa-branded employee benefits cards can increase
efficiencies and lower the cost of administering employee benefit
programs, while providing a more convenient and secure way for
participants to access funds.
“Through our relationship with WageWorks, Visa is delivering the
convenience of digital currency to organizations and their employees,”
said Hyung Choi, Head of US Prepaid, Visa Inc. “Our relationship with
WageWorks delivers the value of the Visa payment network to thousands of
employers and millions of consumers through more efficient electronic
payment tools. Enhancing benefit accounts with payment card access helps
reduce the costs and paperwork for employers and administrators – and
helps increase employee satisfaction.”
For more than a decade, Visa has invested in growing the prepaid
category in the U.S. and around the world. Visa’s flexible platform
enables a diverse set of prepaid products meeting highly specific needs.
With a focus on migrating paper-based programs and processes to
electronic payments, Visa has established more than 11,000 Visa prepaid
programs in 110 countries, delivering greater convenience, choice and
security to consumers, businesses, and governments.
For more information about Visa prepaid cards, please visit www.visa.com/prepaid.
About Visa Inc.:
Visa Inc (NYSE:V) 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 20,000 transaction messages 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,
WageWorks Inc. is a leading on-demand provider of tax-advantaged
programs for consumer-directed health, commuter and other employee
spending account benefits, or CDBs, in the United States. The company
administers and operates a broad array of CDBs, including spending
account management programs such as health and dependent care Flexible
Spending Accounts, or FSAs, Health Savings Accounts, or HSAs, Health
Reimbursement Arrangements, or HRAs, and commuter benefits, such as
transit and parking programs.
Corporate headquarters are located in San Mateo, California, and
additional facilities are located in Arizona, California, Colorado,
Florida, Kansas, Michigan, New York , Wisconsin, and Vermont. For more
information, please visit www.wageworks.com.
Source: Visa Inc.
Lee Mokri, 415-932-2564