Visa Everywhere Initiative looks for allies in startups in Latin America
In this new edition of the Visa Everywhere Initiative, the US payment giant will focus on finding startups in mature states in the region with the ability to transform the financial services industry and, above all, to accelerate collaboration agreements between startups, Visa and its clients, through the development of pilot programs and concept tests (POCs).
This new approach that characterizes this third edition of the initiative is justified by the consolidation of the Fintech ecosystem in Latin America and the Caribbean, supported by the innumerable success stories of startups that in recent years have achieved great traction and raised important investment rounds. For its part, also the current position of Visa as one of the most important players and closest to startups in the region favors the new objective of the program.
Those Fintech startups that originate in a country in Latin America or the Caribbean are invited to apply under any of the following three premises:
Challenge 1: Expand access and acceptance of digital payments
The vast majority of payments (~ 80% +) in Latin America and the Caribbean continue to be made in cash, which has a negative impact on financial inclusion, costs (eg, cash management) and security, among others. Visa seeks to promote and accelerate the acceptance of electronic payments in the Latin American and Caribbean region, particularly in long-tail stores (eg, small businesses/family businesses). Specifically, Visa seeks companies that help businesses (both online and offline) to accept digital payments so that the ecosystem, both businesses, and consumers, will benefit as the acceptance of payments through Visa increases. in the shops.
Some of the segments to consider for the identification of companies in Challenge # 1: Services and Commercial Tools; Payment gateways; Aggregators / Solutions for SMEs, etc.
Challenge # 2: Increase the volume of payments and of VISA cardholders in the affluent segment
The Affluent segment is of vital importance for Visa given its higher than average purchasing power, as well as its breadth in terms of spending categories (eg Online, tourism, etc.). Visa seeks to continuously improve its value proposition while guaranteeing unique security. For this reason, Visa seeks companies that offer Affluent customers, or Visa Affluent products, benefits, capabilities and unique solutions that stand out within the Affluent segment, while ensuring an extraordinary experience in terms of brand and Visa products.
Some of the segments to be considered for the identification of companies in Challenge # 2: Loyalty Programs, Tourism / Entertainment, Retail Luxury, Management Platforms, Personal Finance Management / Patrimonial Management, Artificial Intelligence (AI) / Machine Learning (ML) ), APIs / Open Platforms, etc.
Challenge # 3: Drive secure digital commerce
Electronic commerce (eg E-commerce) continues to double in the Latin American and Caribbean region. Therefore, Visa seeks to guarantee the security of all electronic transactions while generating unique payment experiences for Visa card users. This challenge focuses on identifying companies that can offer Visa solutions that help improve authentication ratios, reduce domestic and cross-border fraud, improve the online payment experience, reduce the abandonment rate in the purchase process, etc.
Some of the segments to be considered for the identification of companies in Challenge # 3: Authentication, Fraud, and Security, Data / Analytics, Services and Tools for Businesses, etc.
All eligible startups can start today to submit their applications or enroll in any of the Office Hours to be held in 6 different countries in the region and in which the Visa and Finnovista teams will offer more information about the program to startups. A total of 24 startups will be chosen who will have the opportunity to participate in 4 Private Workshops to be held in Mexico City, Bogotá, Sao Paulo, and Buenos Aires at the end of August of this year.
"We are very excited about the launch, for the third year in a row, of the Visa Everywhere Initiative in Latin America and the Caribbean," said Arnoldo Reyes, Vice President of Digital Partnerships, Fintech, and Ventures in the Visa region. "As a company, we continue to invest strongly in the region and we hope to continue to commit ourselves to the ecosystem and support entrepreneurs to build a future together. The Visa Everywhere Initiative initiative is an excellent launching pad to launch our collaborative efforts and we look forward to meeting with the many incredible entrepreneurs that exist in the region."
A total of 12 finalists will reach the final phase, who will participate in a 5-week immersion program, of which only the last one will be face-to-face and will be held in Miami. Later, they will be able to present their solutions during the grand finale that will take place within the framework of FINNOSUMMIT Miami that will take place on November 8. The winner will receive a prize of USD 50,000, as well as the unique opportunity to collaborate with Visa to shape the future of payments, interact with venture capital investors and the ecosystem of Visa partners.
Created in 2015, the Visa Everywhere Initiative (VEI) program has already sought innovative payment solutions in 75 different countries, granting economic prizes to more than 70 startups that have also obtained mentoring and access to Visa customers and partners. In Latin America and the Caribbean, the program awarded in its last edition in 2018 to the startup Culqi acquired by Banco de Credito del Peru (BCP), which attests to the potential granted by the Visa Everywhere Initiative, even in smaller ecosystems such as Peru.
Visa Everywhere Initiative program highlights
Scope: Fintech startup applications will be accepted in the mature state from Latin America and the Caribbean.
Application opening: April 30
Office Hours: May 23 - June 6
Closing: June 30
Announcement of participants to the Private Workshops: July 25
Private Workshops: August 20 - August 29
Finalists announcement: September 2
Immersion program: October 7 - November 7 (4 weeks online, 1 week in person)
Finish at FINNOSUMMIT Miami: November 8
Benefits: The winning solution will obtain $ 50,000 in addition to mentoring, access to the vast network of Visa customers and partners and the possibility of developing a pilot test or POC with Visa.