Visa Rolls out Fintech Fast-Track Programme in Asia Pacific
The fast-track programme has been tailored to Visa’s fintech partners’ needs, adapting to their realities and providing them with processes that are faster, and which include reducing the number of onboarding conditions.
NYSE-listed Visa, the global leader in payments technology, will now be expanding its fast-track programme to support fintechs in Asia Pacific that are developing the next generation of digital payment solutions. Already rolled out in Europe and Latin America, the fast-track programme speeds up the process for fintechs to integrate their payment solutions with VisaNet, Visa’s global network.
From November itself, fintech companies based in Asia Pacific can onboard to Visa’s global network in just four weeks. The fast-track programme has been tailored to Visa’s fintech partners’ needs, adapting to their realities and providing them with processes that are faster, and which include reducing the number of onboarding conditions. The programme also links fintechs to platforms that are already certified by Visa and connects fintechs to sponsoring banks.
TR Ramachandran, Group Country Manager for India & South Asia, Visa said that the Asia Pacific region is home to some of the world’s most innovative fintech companies, and India has the second highest global fintech adoption rate. These fintech companies are putting new payment experiences into the hands of consumers and businesses every day.
With continued government efforts to migrate to digital transactions, payment innovation is accelerating at an unprecedented pace in India. Visa has set a goal of making it faster for new solutions to be commercially available. The company believes that working collaboratively across the industry is the best path to making tomorrow’s payment experiences a reality, he said.
Visa, as a network business, is in a prime position to help these fintech companies expand their reach globally, by making their solutions available on its network and by collaborating with its financial institution partners.
The programme provides a new commercial framework, which includes access to Visa’s payment capabilities, reduced fees and streamlined processes. After successful launches in Europe in June and in Latin America in October, the programme is now available to fintechs in Asia Pacific. In Asia Pacific, the initial focus will be to support fintechs that are innovating in verticals like wallets, installments, and digital banking.
The fast-track programme is one of several initiatives of several Visa programs designed to support fintech and startup companies. These include:
Investment: Visa evaluates and invests in companies that have the potential to advance digital payments for its clients and their customers, on a continuous basis. Some such investments in the recent past include Klarna, solarisBank, Marqeta and Paidy in Asia Pacific.
Partnership: Many payment platforms and fintechs are already collaborating with Visa globally to create new consumer and merchant experiences, including YellowPepper, NovoPayment, novae, Increase, Contis, EVRY, Jaja, Revolut and Wirecard.
Engagement: Visa’s Everywhere Initiative, is a global innovation programme that tasks startups with solving some of the most challenging issues in payments and commerce. It has been running in Asia Pacific since 2016.
