The credit card giant bought the electronic payment company on April 21 to increase the use of Visa debit, prepaid and credit cards for online purchases and to accelerate the e-commerce industry’s growth at large, according to a Visa statement.
The acquisition will also expand CyberSource’s international business, according to the statement. Most of the company’s revenues are earned in the US.
CyberSource plays a role in processing 25% of all e-commerce dollars transacted in the US, according to Visa. It also counts British Airways, Home Depot, Facebook and Google as clients, according to a statement from Visa.
Rival MasterCard Advisors said in its SpendingPulse report this month that e-commerce and luxury retail sales outperformed all other retail and service categories in March, up 18.4% year-over-year. It was the category’s eighth consecutive month of double-digit growth.