Visa will be launching Everywhere Initiative, an innovation programme designed to encourage the development of the “next big thing” in payments as the industry shifts from plastic to digital. Entrants in Visa’s first-ever European Everywhere Initiative will have the opportunity to compete for a chance to win up to €50,000 to support a development programme with Visa, or through business partnership with Visa’s clients, and potentially have access to Visa APIs, executive mentors and technologists. In addition to this new European programme, Visa will also continue to host its Everywhere Initiatives in North America, Latin America and Asia in 2017.
The programme is designed to encourage the development of the ‘next big thing’ in payments
“In a highly dynamic industry, Visa’s Everywhere Initiative allows us to explore a host of ideas that solve business challenges, influence our product roadmaps, support our customers, and shape our culture of innovation,” said Shiv Singh, senior vice president of innovation and strategic partnerships, Visa Inc.
“Every time we expand this programme into a new region, we aim to attract talented entrepreneurs with fantastic ideas to the payments space, and we hope to see similar great outcomes in the European market in the months ahead.”
Beginning this month, Visa will invite eligible participants in Europe to submit their business solutions that apply to one of the following three briefs:
■ 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?
Live Competition at Mobile World Congress
To introduce the first-ever European Everywhere Initiative, Visa hosted a live competition at Mobile World Congress on February 27, with five emerging technology companies competing for a €25,000 cash prize. These companies include:
■ Biowatch: Allows NFC payment and authentication based on vein pattern technology via a Bluetooth-enabled watch. Biowatch is based in Switzerland.
■ Maintool: Develops smart straps which, when attached to any watch, tracks a persons’ body vitals. Maintool is based in France.
■ Evopark: Helps consumers quickly find parking spaces in surrounding parking garages, with a simple monthly payment option. Evopark is based in Germany.
■ Wia: Offers a cloud-based platform for IoT solutions, with scalable back-end services like server management, data replication, and storage. Wia is based in Ireland.
■ Kwik: Provides a Wi-fi-based connected button which allows consumers to instantly buy products and services from merchants and other service providers. Kwik is based in Israel.
Judges of the competition will include Alejandro Agag, CEO of Formula E Operations; Jean-Claude Deturche, senior vice president at Gemalto; Mark Antipof, chief officer of client engagement at Visa; Sam Shrauger, senior vice president of digital solutions at Visa; and Shiv Singh.