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NEW YORK - Visa Inc. on Wednesday said it launched its money transfer service in China and the United Arab Emirates.
The payments processor will work with ICBC for the service on mainland China, where it will be available in Beijing, Shanghai and Shenzhen to start. In Hong Kong, Visa is working with EPS Hong Kong Ltd., an online bill payment provider that is owned by 21 financial institutions.
Visa cited World Bank statistics that show more than $5.7 billion was sent in cross-border remittances to China last year.
In the United Arab Emirates, Visa is working with UAE Exchange, a remittance and exchange house. The service is expected to launch later this month.
The two new countries bring to 14 the number in which Visa money transfer is available.
As the broader market rallied in afternoon trading, Visa shares added $1.60, or 2.1 percent, to $79.22, after earlier hitting a 52-week high of $79.50.
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