Visa Everywhere Initiative is a global innovation program that tasks start-ups to solve payment challenges of tomorrow, further enhance their own product propositions and provide visionary solutions for Visa’s vast network of partners. The 2019 edition of Visa Everywhere Initiative is a challenge-based program looking to discover and empower growth-stage startups from Latin America and the Caribbean with the capacity to disrupt financial services and accelerate commercial engagements with Visa and its clients through Pilot programs and POCs.
Visa Everywhere Initiative LAC 2019 winner
Flexio, a Mexican startup offering installment loans for online shopping through the consumers’ debit cards, has been chosen by a panel of experts as the winner of the third edition of Visa Everywhere Initiative in Latin America and the Caribbean at a final that took place at FINNOSUMMIT Miami by LendIt Fintech.
Three challenges will be issued and will focus on solving three distinct business problems. In the end, 12 finalists will be invited to a five-week blended program (remote and on-site) designed to fast track collaboration with Visa and pitch their solutions live in front of Visa leaders and clients at the finals event.
Challenge 1: Expand Digital Payments Access and Acceptance
The majority (~80%+) of payments in LAC are still done in cash, which has a negative impact on financial inclusion, cost (i.e., managing cash is expensive), and security, among other things. Visa is looking to drive and accelerate the acceptance of digital payments across the LAC region with a particular focus on long-tail merchants (i.e., small merchants/Mom n’ Pops). Essentially, Visa is looking for companies that can help merchants (online or offline) accept digital payments. The more establishments accept Visa, the better for the ecosystem – merchants and consumers.
For this challenge, we are looking for companies in the following segments: Merchant Services & Tools, Payment Gateways, SMB Aggregators/Solutions, etc
Challenge 2: Increase Visa’s Share (payment volume and number of cardholders) in the Affluent Segment
The Affluent segment is of critical importance to Visa given their above-average purchasing power and broad category spend (e.g., online, travel, etc.). Visa is looking to continuously provide a richer value proposition coupled with unrivaled safety and security. As such, Visa is looking for companies that can provide its Affluent cardholders, or Visa’s Affluent product suite, with unique benefits, capabilities, and solutions that will resonate strongly with the Affluent segment. All, while ensuring an extraordinary Visa-brand/product experience.
For this challenge, we are looking for companies in the following segments: Loyalty, Travel/Leisure, Luxury Retail, Concierge Platforms, Personal Finance/Wealth Management, AI/ML, APIs/Open Platforms, etc
Challenge 3: Drive Secure Digital Commerce
Digital commerce (e.g., e-commerce) continues to grow at double-digits across LAC. As such, Visa continuously looks for ways to ensure the security of those transactions while creating a seamless payments experience for Visa cardholders. This challenge focuses on identifying companies that can provide Visa with solutions that help it improve authorization rates, reduce domestic and cross-border fraud, improve the online payments experience, reduce shopping cart abandonment, etc.
For this challenge, we are looking for companies in the following segments: Authentication, Fraud & Security, Data/Analytics, Merchant Services & Tools, etc.
*Read the Terms & Conditions here.