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Visa Inc. has announced the expansion of its Fast Track program to startups in the U.S. The multinational payment company will use this program to help fintech startups integrate Visa with their respective platforms.
The fintech industry is one of the fastest-growing sectors in the world and Visa, the global payment system giant, is an important part of it. The firm, in renewing its drive and commitment to supporting the global fintech industry, has just announced the expansion of its Fast Track program to the U.S.
Visa’s Fast Track Program
The Fast Track program is an initiative by Visa that supports fintech startups by making their integration with the payment company a lot more seamless. Through VisaNet, Visa’s global payment network, interested start-ups can expand their access and proficiency, which will ultimately help them scale easily.
Terry Angelos, Visa’s SVP and Global Head of Fintech, expressed the firm’s willingness to support these startups by giving them the platform to increase their digital payments and making cross-border transactions a lot smoother:
“In markets across the world, Visa has successfully rolled out the Fast Track program, linking arms with fintechs to provide a clear path towards getting to market, leveraging Visa’s scale, security, reach and strong network of partners.
By launching Fast Track in the U.S., we are continuing our support for fintechs across the globe, with the goal of accelerating the growth of digital payments and creating better ways to move money everywhere.”
To make this new service more productive, Visa has officially partnered with a list of firms in the U.S. to help drive program participation. They include Alloy, BBVA Open Platform, Marqeta, Galileo, Netspend (TSYS’ Consumer Segment), Cross River Bank, Stripe, TSYS, Very Good Security, Tabapay, Green Dot and Q2. Angelos notes that all the partners have been properly vetted and will allow Visa track their individual progress.
Angelos has however noted that any investments into the fintech startups in the U.S. would not be equal to the $100 million Visa has set aside as investment funds for the European market. He said:
“We have investments that are happening that are in parallel. We don’t have a separate fund.”
Visa Supports “Cashless Japan” and the 2020 Olympics
Visa is also making plans to be a part of the Japanese government’s “Cashless Japan” by creating various payment initiatives in anticipation of the Olympic Games of Tokyo, 2020. Japan is still predominantly a cash society with only about a fifth of Japanese payments done via electronic methods. This is a low percentage, especially when compared to U.S.’ 60%, China’s 70%, and South Korea’s 90%. Visa has expressed commitment to improving digital methods through the upcoming event.
Speaking on this, Visa’s Japanese Country Manager and Representative Director – Stephen Karpin – has expressed Visa’s willingness to support the event using “cutting-edge payment technologies” in the Olympic Village and also throughout the country. He explains that:
“For Tokyo 2020, we are planning experiences that will leave a lasting impact on the country, with the goal of helping accelerate economic growth, while providing the Japanese community and visitors with a ‘wow’ experience on-the-ground.”