Visa Launches Everywhere Initiative in MENA
Visa recently announced that its Everywhere Initiative, an innovation program designed to encourage the development of the ‘next big thing’ in payments as well as accelerate innovation in payment functionalities and financial services, will expand into the MENA region.
With access to Visa’s APIs and by making use of Visa’s functionalities, startups from across MENA will have the opportunity to develop innovative products and services and win up to $50,000 to support a development program with Visa, or through a business partnership with Visa’s clients.
To take part in the program, eligible participants in the MENA region are invited to submit their business solutions that apply to one of the following three challenges/briefs:
Challenge #1: Acceptance Challenge
How can startups leverage Visa APIs for either 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?
Challenge #2: Airport Transit Challenge
How can startups leverage Visa’s APIs, mobile technologies and connected devices to transform their transit experience at airports?
Challenge #3: 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?
Interested applicants can learn more about the initiative here and have until August 4th, 2017 to submit their ideas, after which judges from Visa will select three finalists per brief who will be invited to present their ideas to the judging panel in Visa’s Dubai office.
One winner per brief will be selected and each will receive a $25,000 cash prize. Winners of the prize will be invited to a working meeting with Visa, and may be presented with the opportunity to create a prototype. Visa will then select one overall winner to receive an additional $25,000.
Visa’s Everywhere Initiative is part of a global implementation that is strategically important to the global payments company’s goal of fostering the growth of next generation payment technologies. Currently, nearly 1500 fintech startups are participating in the program across North America, Latin America, Europe and Asia.