Wirecard and Visa this week announced they have signed a partnership agreement to collaborate on new products in the field of digital financial technology, according to a press release.

Wirecard said that by combining its digital payment platform with Visa's global capabilities it will enable Wirecard to "extend card issuance, increase merchant acceptance of innovative digital payment methods and provide retailers with business analytics to help them streamline and improve the consumer purchase experience," according to the release.

Wirecard also said, in the release, the Visa partnership will enable it to further support fintechs and start-ups to develop new commerce ideas through white-label products and banking as a platform.

"This is an exciting time for the global payments industry with new payment innovators accelerating the creation of new ways to pay and be paid. We fundamentally believe this is good for consumers and good for merchants," Suzan Kereere, head of merchant services for Visa in Europe, said in the release. "Together with Wirecard we have the opportunity to making it easier for merchants and start-ups to access Visa’s capabilities, and support the next generation of payment services."