Visa recently announced plans to open a new office in Silicon Valley as part of its continued efforts to accelerate digital commerce worldwide, according to a company press release.

The new 62,000 square-foot facility, located in Palo Alto, will be a combination of office and collaboration spaces for approximately 300 Visa employees focused on technology research, business intelligence, data security and merchant products.

"We continue to expand our research and development capabilities globally and are investing in facilities that enable our teams to collaborate in the creation of digital commerce solutions," Rajat Taneja, Visa's executive vice president of technology said in the press release. "Our new Palo Alto office allows us to draw on the diversity of the Bay Area talent pool and build an even stronger connection with the Silicon Valley community of data scientists, engineers, entrepreneurs."

The Palo Alto office is one of several new facilities Visa opened in the last year, including a new technology development center in Bangalore and innovation centers in Dubai, Miami, San Francisco and Singapore, where clients and partners work side-by-side with Visa payment experts to build the next generation of commerce experiences, according to the announcement. The company has also expanded existing technology development operations in Singapore and Austin.