National Australia Bank (NAB) has entered a 10-year exclusive agreement with Visa that will deliver better and more innovative products for customers.

The long-term strategic partnership will enable NAB to simplify its product offering and significantly invest in its credit and debit card portfolio.

NAB Group Executive for Product & Markets, Antony Cahill, said the deal was designed to accelerate the delivery of payments innovation and product development for customers.

“Under the terms of the deal, NAB and Visa will work together to deliver improved digital capability and innovative payments solutions to the market,” Mr Cahill said.

“This is another important partnership that will position this bank to act more quickly for our customers with enhanced access to new payments capability, technology and insights.

“NAB is focused on delivering a great customer experience and we see great value for our customers in this long-term partnership.”

Mr Cahill said NAB Labs would work closely with Visa to design, experiment and develop new products.

“We want to ensure we prioritise the things that matter to our customers, designing products and solutions to meet their changing needs and bringing them to market as soon as possible,” he said.

“This partnership builds on an already strong relationship between Visa and NAB and we expect to see our customers benefit from this in the coming months and years.”

Visa’s Group Executive for Asia Pacific, Chris Clark, said Visa was excited to extend their existing long term partnership with NAB and work more closely on the payment experiences of customers.

“Australian payments are in a time of transformation, from mobile to connected devices to future innovations that haven’t been created yet. We’re looking forward to a productive long term collaboration,” Mr Clark said.

The strategic partnership with Visa will also boost NAB’s access to and ability to analyse key data, leading to more informed business decisions and therefore better, more relevant products for customers.