Transaction Network Plus Inc., a unit of Diversified Investors Corp., announced an agreement with Grupo Omnilife of Guadalajara, Mexico.
Transaction Network will provide electronic switching and transaction processing for credit cards, debit cards, and smart cards in Mexico and subsequently throughout Latin America, Spain, and Portugal, the company said.
Under the agreement, New York-based Transaction Network Plus will receive initial payments of $550,000. The processor said it will also take a 20% equity stake in the joint venture.
Grupo Omnilife, a direct-marketing company, sells in excess of $400 million of vitamins and and other health-related products.
A smart card system is being designed for Omnilife distributors to simplify and streamline purchases of products and receipt of credits.