Visa’s Fast Track Program seen propelling growth of Fintech Industry
Amidst the COVID-19 pandemic, Fintechs have launched further into the spotlight, reporting sizable upticks in the usage of their apps, as more people manage their money from their personal devices. In growing this contribution of Fintechs as a central part of the global payments ecosystem, Visa has announced its continued support of the global Fintech community, having grown the Fast Track Program to over 140 Fintechs. Since expanding globally in mid-2019, the Fast Track program has grown 280 percent, highlighting the surge in demand for digital payments worldwide, according to a statement by Visa.
The Fast Track, according to the company, allows both new and established businesses to leverage the speed, security, reliability and scale of the Visa network to get up and running quickly, taking the process from months to weeks. The program provides turnkey access to Visa’s ecosystem partners, online licensing, Visa’s APIS as well as extensive go-to-market toolkits, online education and expert advice to help Fintechs scale their business. With new membersfrom Africa, Asia Pacific, Europe, Latin America, the Middle East, and North America, these Fintechsare transforming how consumers and businesses manage money, invest, receive loans and send payments worldwide.
“Our goal is to bring cutting-edge Fintechs into the Visa ecosystem, to help them grow and scale their business in record time,” said Terry Angelos, senior vice president and global head of Fintech, Visa. “Through programs like Fast Track, Visa is committed to helping Fintechs, many of which are small businesses, advance their potential and get into market quickly so they are ready to provide innovations that move the world forward everyday – and especially in current times.”
Fast Track Fintechs Focus on Recovery
Visa partners including Airwallex, Fundationand Rappihave used their ongoing focus on innovation and growth to be nimble in their reactions to COVID-19.AUStralia-foundedair wallex has extended support to Australian and UK small businesses in need by offering to waive their international transactions fees andu. S.- based Fundation is helping small businesses quickly get the capital they need during these times. Rappi out of Colombia has begun piloting food delivery by robots, working to minimize the spread of the virus. In these videos, airwallex and Rappi both talk about their experiences in working with Visa.
“During these challenging times, it’s more important than ever that we are able to support small businesses by getting them the funds they need as quickly as possible to stay afloat,” said Sam Graziano, chief executive officer, Fundation. “Through our partnership with Visa, we will continue to innovate and develop strategies to aid in the relief and recovery of our customers’ businesses.”