CaixaBank and Global Payments form prepaid JV

Spain's CaixaBank is teaming up with Global Payments on a European prepaid card joint venture called MoneyToPay.

Global Payments will own 51% of the new brand, with CaixaBank Payments & Consumer holding the remaining 49%.

The MoneyToPay name has been used by CaixaBank for its prepaid business since 2012 in Spain, where it has almost two million cards and a sales volume of over EUR700 million.

Global Payments brings its experience in the US prepaid market through its NetSpend business to the venture. NetSpend president Kelley Knutson will be MoneyToPay's chairman.

Global Payments and CaixaBank have a long history, having joined forces in 2010 to create Comercia Global Payments.

Last year, the pair, along with Ingenico, launched an international innovation programme aimed at identifying and nurturing promising fintech startups.