30 de August de 2024
Accelerating payments market transformation
FINTECH | OPEN INNOVATION
In 2022, as part of its strategy to become a ‘network of networks,’ Visa launched the second edition of its flagship startup acceleration program, Visa For Startups, in partnership with The Bakery who oversees the methodology and execution.
This initiative aims to support the digital transformation of Brazil’s payments market, which has evolved significantly in recent years by offering more service options, expanding transaction types, and leveraging data more effectively. Key trends include interaction methods such as QR codes and NFTs (non-fungible tokens), contactless payments, and cryptocurrencies, among others.
Visa For Startups sought startups with innovative proposals aligned with the following strategic themes:
Among the selected startups, The Bakery highlight ZIG, a fintech for the events sector, and Bitfy, a cryptocurrency superapp.
The selection criteria included innovation, scalability of the solution, integration with Visa’s processes and systems, impact on customer experience, and implementation risk.
The solution, developed jointly by ZIG and Visa, allows customers to use their credit cards at events even when there’s no internet connection. The successful adaptation of the solution to a specific market paves the way for its successful replication and adaptation in other sectors.
The solution is in the final stages of development and is expected to be tested in the first half of 2024.
The estimated result is an increase in team productivity of 10% to 15%.
In practice, at mega-events where around 800 cashiers process payments, up to 120 of them could handle a higher volume of transactions.
The partnership between Visa and Bitfy aims to implement measures to protect the interests of fans and create a fairer and more secure environment for buying and selling tickets.
The use of NFT technology makes it possible to issue, sell and manage tickets easily, without overwhelming users with technological complexity. All with transparency, traceability and authentication of ticket sales.
The Bakery transformed Visa for Startups into a co-creation platform and strategic partnership.
This shift in focus has accelerated the innovation process, leveraging Visa’s vast experience and global network to validate and scale startup solutions.
“We believe that the solutions from the startups we have selected will help us build our payment network, providing reliability and technology to facilitate commerce, giving everyone, everywhere access to the global economy. With these new capabilities, we will continue to promote the digital economy. Working with these startups provides a mutually beneficial exchange of great value to both sides, the famous win-win relationship”.
– Cristiane Taneze,
Executive Director of Innovation at Visa.
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