Race is on for €50,000 prize as Visa launches first ever European Everywhere Initiative

New European competition invites start-ups to submit ideas focused on improving the local community and travel experience, enhancing everyday lives of people everywhere 

Visa Inc. (NYSE: V) is today challenging start-ups and innovative fintech companies from 19 European markets to enter the first-ever European Everywhere Initiative. Competitors will have a chance to win up to €50,000 to support a development programme with Visa, or through business partnership with Visa’s financial institution clients. Successful entrants will have the opportunity to access Visa APIs through the Visa Developer Platform, executive mentors and technologists to help them further develop their ideas.

First launched in the USA in 2015, Visa’s Everywhere Initiative is designed to encourage payment innovation as the payments industry shifts from plastic to digital, and nearly 1,000 start-ups that have participated have collectively raised $1.7 billion in funding. In addition to Europe, Visa will also continue to host Everywhere Initiatives in North America, Latin America and Asia this year.

Eligible participants in Europe are invited to submit proposed business solutions aligned to any or all of the following briefs via the Everywhere Initiative website which will be live on Wednesday, 19 April:

  • Local Community Challenge: How can digital payment technologies help create products that connect people and enrich local communities?
  • Regional Intercity Challenge: How can mobile technologies and connected devices transform the experience of intercity travel?
  • International Travel Challenge: How can new products and services, based on Visa APIs, deliver a more seamless international travel experience?

Bill Gajda, senior vice president, innovation and strategic partnerships, said: “The consumer experience is at the heart of the payments industry, a sector that is accelerating and developing at a greater pace than ever before, spurred on by new technologies. Through competitions like Visa’s Everywhere Initiative, we are spurring technological innovation to drive acceptance and promote even greater convenience for consumers. By focusing on local community and travel experience we hope to facilitate improvements to the everyday lives of people, wherever they are. Having already witnessed success across the Atlantic, we look forward to welcoming submissions from innovative European start-ups looking for funding and fruitful collaborations to help them realise great ideas.”

Start-ups can apply via the website from 19th April – 17th May 2017 – with finalists pitching for the prize to a live panel in Copenhagen at Money 20/20 on 26-28th June 2017.

Find more details about the competition here.

 

Visa’s Everywhere Initiative is an innovation program designed to encourage the “next big thing” in payments, as the payments industry shifts from plastic to digital and new entrants join traditional stakeholders in payments. The program first launched in the U.S. in 2015 and to-date, nearly 1,000 start-ups have collectively raised $1.7 billion in funding, with ultimately 60 finalists and 14 winners selected.

The 2017 programme will be the first in Europe and will be open to companies from 19 markets including: Austria, Bulgaria, Czech Republic, Denmark, Finland, France, Germany, Ireland, Israel, Norway, Poland, Portugal, Slovakia, Spain, Sweden, Switzerland, The Netherlands, The UK, Turkey.

All phases of the competition are conducted in English.

Visa Inc. (NYSE: V) 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.