Visa Europe launches Visa Europe Collab, an international innovation hub that will identify and nurture new ideas in payment technology.
The innovation center will operate out of London’s Tech City, Tel Aviv and Berlin. It aims to connect key players and innovators within the international payments community to track and identify the most exciting new ideas to come out of the industry.
The hub will introduce start-ups and tech entrepreneurs to a network of industry connections and provide tools and expertise that will help them to revolutionise consumers’ relationship with payments.
“Through our innovation hub, we are creating a network of partners and a community that will help us provide the mentoring, advice and experience start-ups and entrepreneurs need to get their ideas off the drawing board and into the commercial world,” says Steve Perry, founder and co-creator of Visa Europe Collab.
Initially, Visa Europe Collab aims to take on a minimum of 20 ideas. These ideas will go through its 100-day innovation process.
From preliminary scoping and market testing to proof of concept, the top new validated and commercially viable services will become part of the Visa business.
They will then be nurtured until they become fully functioning services, which will be integrated in Visa member banks across Europe.
“It’s not about acquiring start-ups or buying stakes: instead, we’re giving Europe’s most innovative companies access to the mentoring, services and R&D of a community of like-minded organisations,” said Perry.
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