Visa Inc. (V) has announced plans to open a global Technology and Product Hub in Poland, its first in Central and Eastern Europe, as part of its efforts to expand its footprint in the region. The move will employ the country’s highly skilled IT workers to focus on artificial intelligence and cybersecurity to boost its product portfolio. The new Hub is expected to have 1,500 personnel working exclusively on Visa’s 24/7 development model. It will be the company’s fifth major strategic facility serving its European operations.
Visa’s objective is to invest in local talent that enables the company to serve its global client base. The company has been operating in Poland since 1995, and the forthcoming Hub will likely enhance its market share in the country, where contactless payment systems are fully deployed.
These efforts to expand Visa’s operations in the region aim to consolidate Visa’s already leading position in the payments industry. The company’s focus on contactless payment systems, backed by robust cybersecurity backend systems, is poised to increase its market share worldwide. This drive to make electronic payments safer, faster, and seamless is part of Visa’s core mission and values.
Year to date, Visa’s shares have gained 11.3% compared to the industry’s 9.4% jump.
Zacks Rank & Key Picks
Visa currently ranks #3 (Hold) on Zacks Rank. Some better-ranked stocks in the broader business services space are Remitly Global, Inc. (RELY), Paysafe Limited (PSFE), and Repay Holdings Corporation (RPAY), all with a Zacks rank of #2 (Buy) at present.
The complete list of today’s Zacks #1 Rank (Strong Buy) stocks is available for download here.
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