Visa Everywhere Initiative
Visa Everywhere Initiative is a global startup engagement program that tasks start-ups to solve payment challenges of tomorrow, further enhance their own product proposition and provide visionary solutions for Visa and their vast network of partners.
In a global environment impacted by COVID-19, the fourth edition of the Visa Everywhere Initiative LAC, that for the first time brings all activities to a virtual environment, seeks to promote the economic recovery in Latin America and the Caribbean, while accelerating the digitization of all economic activities.
As economies around the world are being impacted by the pandemic, innovation is more important than ever. On one hand, small businesses are the economic engine of the economies in the region, and in Latin America specifically, 99% of companies are SMEs and they represent 61% of formal employment. While businesses of all sizes have been impacted, small businesses are in a particularly tough situation.
On the other hand, there are massive challenges to take in all societies to help fight against the pandemic. Hundreds of millions of people use mass transit (trains, subways, buses, etc.) on a daily basis all around the world. To avoid people having to touch cash or payment terminals, innovators, and in particular Visa, are working on enabling new technologies as a means of providing people with a more seamless, hygienic, and secure way to pay.
Would you like to contribute to the economic recovery while driving a more digitalized society in Latin America? Take your startup to the next level! Apply now to Visa Everywhere Initiative LAC!
Small Business Recovery
As economies around the world are being impacted by the pandemic, innovation is more important than ever. Small businesses are the economic engine of the economies in the region, and in Latin America specifically 99% of companies are SMEs and they represent 61% of formal employment. While businesses of all sizes have been impacted, small businesses are in a particularly tough situation. Visa wants to help reduce negative impacts on small and medium businesses and contribute to the recovery of the small business economy in Latin America and the Caribbean. That’s why Visa is looking for growth-stage solutions with the potential to strengthen these small businesses operations and capabilities and wants to know – How would startups drive innovation to improve the Latin American digital payments ecosystem to support and speed up the economic recovery of Small Businesses in the stabilization periods to come?
This challenge is suited for startups in the following sectors:
- Accept contactless & mobile payments
- Grow on e-commerce
- Move money faster
- Solve for liquidity
- Chargebacks & disputes
- Auth rates & operations
- POS lending
- Distribursements
Frictionless Mobility
Hundreds of millions of people use mass transit (trains, subways, buses, etc.) on a daily basis all around the world. These individuals receive the best transportation experiences when using new technologies such as mobile wallets (e.g., Apple Pay), wearables, or contactless credit, debit, and prepaid cards when paying for their transportation needs. With these technologies, there’s no need to carry paper tickets or cash, stand in line to buy tickets or reload transit cards; people just show up and ride. To continue delivering seamless and secure mass transit experiences, Visa developed the Mass Transit Transaction (MTT) model. MTT, is a pay-as-you-go (PAYG) model based on contactless EMV technology that provides accessibility and enables payment transactions within public transportation systems. Visa continues to work with the Urban Mobility industry to enable fast, easy and secure payments on more modes of transportation in the region, and is looking for innovative solutions for this to help improve the door-to-door journey. How can Visa work with your startup to develop and enhance the experience of mass transit, micro-mobility services or other forms of ticketing and mobility payments for millions of people?
For this challenge, Visa is looking for companies primarily in the following sectors:
- Biometrics
- Authentication
- Internet of Things
- Artificial Intelligence
- Security/Identity
- Blockchain
- Peer-to-Peer Payments
- Mobile Payment Infrastructure
The 10 finalists will participate in a virtual immersion program designed to speed up collaboration with Visa. The startups will then have the opportunity to present their pitches during the live streaming of the virtual final, where the three finalists will be announced. The finals virtual event will then culminate in a one-of-a-kind online networking experience with direct access to the Latin American and Caribbean entrepreneurial community.
Immersion program
The 10 finalists have the opportunity to participate in a 3-week virtual immersion program, including pilot design and planning workshops with experts from Visa and their network, among other activities.
Up to $50,000 USD in prizes
This edition’s winner will receive $25,000 USD, the second-place finalist will win $15,000 USD and the third prize will be $10,000 USD. This program offers a unique opportunity to earn new funds for your startup and to take it to the next level.
Possibility of building a collaborative relationship with Visa
Visa and the winner of VEI LAC 2020 might analyze various forms of collaboration, such as developing together a pilot proof of concept (PoC), participating in one or more mentor meetings, or other opportunities.
- Would you like to be mentored by the best experts in the payments ecosystem to improve your startup? This is your chance to collaborate with Visa and boost your business. Gain access to Visa’s professionals’ expertise as well as top-notch mentors part of Finnovista’s network.
- Would you like to get priority access to key partners in the entrepreneurial ecosystem? Visa Everywhere Initiative allows you to meet key players in the payments ecosystem throughout the region.
- Would you like to reach higher with your startup? The participants boost their visibility in the entrepreneurial ecosystem during the program and the finalists improve their position in media.
"Visa Everywhere Initiative was our turning point. We went from being a promising Fintech in LatAm to being a consolidated company with a regional scope, backed by one of the most powerful brands in the world: Visa. VEI and Finnovista connected us with the Visa team, which helped us grow our business exponentially."
Nathan Schorr - Co-Founder & CEO - Flexio
"The recognition of having been the first winners of this competition allowed us to start working with acquirers and brands at a completely different level from the one we had been previously working on. We are grateful for the doors that were opened to us and the real opportunities close thanks to it."
Sebastián Cadenas - CEO - Increase
"Winning in 2018 meant starting to work more closely with Visa, knowing what its purpose is, and establishing a joint goal: help more companies accept payments in LatAm more easily. We are confident that we have gained a lifetime partner for Culqi."
Nicolás Di Pace - Co-Fundador & CPO - Culqi
Learn more
About Visa Everywhere Initiative 2019
Global Testimonials - Visa Everywhere Initiative
VEI Program Overview 2018
Visa Inc. is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead with prepaid or pay later with credit products. For more information, visit usa.visa.com/about-visa, visacorporate.tumblr.com, and @VisaNews.
Finnovista is an impact organization that empowers Fintech and Insurtech ecosystems in Latin America and Spain through a collaborative platform that encompasses acceleration and scale up programs, events, research projects, competitions and other collaborative innovation projects with industry corporates.
At Finnovista we build bridges between industry corporates and Fintech & Insurtech startups with the vision of transforming finance and insurance through entrepreneurship, technology and innovation.
Finnovista also invests, accelerates and helps scale up Fintech & Insurtech startups in Latin America and Spain, through our Startupbootcamp programs and with the collaboration of leading financial, insurance and leading corporates in the region.
Finnovista has offices in Madrid, Spain and Mexico City, Mexico.
Finnovista is part of the Rainmaking Group, a global leader in corporate innovation and venture development with a presence in more than 8 countries and 4 continents. Rainmaking specializes in making innovation a predictable engine of growth.
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