As part of its second annual Everywhere Initiative, Visa is inviting startups to compete in creating “innovative solutions that solve Visa business problems and drive the future of commerce,” the company announced on Thursday (April 28).
Visa will pose three real-life business challenges to the participating startups: use any relevant Visa APIs available through the Visa Developer Platform to build a payment solution, leverage social media channels to engage people at Visa-sponsored events or find ways to persuade Visa cardholders to load their cards onto digital payment platforms and essentially go cardless.
“With payment and marketing innovation happening at break-neck speed, Visa is once again asking the startup community for their best ideas to help move the industry forward,” Shiv Singh, SVP, digital and marketing transformation at Visa, explained in a press release. “With Visa’s rich set of APIs and SDKs, we are especially excited to see how our open platform can help fuel additional payment innovation with this year’s challenges.”
The winners of each challenge will receive $50,000 to implement their solutions and a yearlong business mentorship from Visa marketing, product and technology teams to help make their solutions a reality.
Visa began accepting prototypes yesterday (April 28) and finalists will present they concepts to a panel of Visa business and technology leaders in order to determine who wins each challenge. Winning teams will then have their solutions showcased in Visa innovation centers across the globe, including Dubai, Miami, San Francisco and Singapore.
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