Whether you’re reading this at the start of the Challenge, or you have one hour left to submit, we want to help you get your best application submitted for Visa’s Everywhere Initiative. Here are some tips to keep in mind as you crank out that application. (Latin America’s Challenge ends July 14th, register now)
What is Visa looking for?
Each region presents unique challenges for startups in that market, but what Visa is looking for when looking through submissions is consistent globally: How are you transforming financial services and payments in the region?
- Here are some other questions to keep in mind:
- How unique, innovative, and/or novel is the solution?
- How scalable is the solution?
- How well will the solution integrate with Visa platforms?
- How easily can the solution be implemented?
- How compelling are the Company’s offerings?
- How will the solution potentially impact or improve the current consumer experience?
- Are the milestones that were identified for the development program sufficiently aggressive and attainable?
There are currently two regions taking applications for Visa’s Everywhere Challenge, each have a different process, challenge, rules and deadlines.
Latin America and Caribbean:
Challenge: How can Fintech startups from across Latin America and the Caribbean leverage digital technologies to transform financial services in the region?
Apply now: https://t.co/B8PIx7fKjy
How it will work:
- Pre-screening: Validate and segment startups meeting competition eligibility requirements
- Screening: Validate that startups meet a minimum level of quality in their current development stage
- Evaluation: Evaluation by VISA and Finnovista executives, as well as members of the Finnovista community of experts
- Semi-finalist Selection: Selection of the 50 semi-finalists (10 per each of the 5 semi-finals) by a selection committee composed of VISA and Finnovista executives
- Finalist Selection: Selection of the 2 finalists at each of the 5 semi-finals by a Jury composed of VISA and external members. Held in the following cities:
- Mexico- August 24th
- Buenos Aires -August 31th
- Chile - September 7th
- Bogota Sept- 26th
- Brazil- Sep 28th
Winner Selection: Selection of the winner of the competition at the final by a Jury composed of VISA and external members
Middle East and North Africa – Deadline August 4th
Three Challenges to choose from:
- Acceptance Challenge – leverage Visa APIs to:
- Enabling smaller merchants to accept payments in-store digitally OR
- Providing a safe and secure solution for online merchants to drive eCommerce and reduce cash on delivery?
- Airport Transit Challenge – leverage Visa APIs to:
- How can startups leverage Visa Developer APIs, mobile technologies and connected devices to transform their transit experience at airports?
- Loyalty Challenge
- How can startups make it easier for consumers to select the right Visa card for their purchases and be notified about the right Visa offers and benefits at the right time?
Register: http://bit.ly/2sPP5jv
How it works
- Visa may identify up to 5 finalists (plus 5 alternates) per challenge
- Finalists invited to present solution in person on Sept. 25, 2017
- Three winners, one per challenge, will be selected
- One overall winner will be selected of the three challenge winners
Hear what winners had to say
We know a cash prize is exciting, but Visa’s Everywhere Initiative aims to give startups the tools to go to market. previous challenge winners tell Visa it is the validation and resources they received after winning which really helped propel them to the next level.
“It’s difficult for any company—no matter how good the product or service they provide—to rise above the trend and really be able to demonstrate they are the best-in-market solution,” says Pete Borum, co-founder and CEO of Reelio.
“Having the opportunity to work with Visa, one of the best known brands in the world, is really fantastic validation for a startup in an environment that is saturated with startups,” Borum adds.
Read more here.
