Visa’s fast track program and how it’s great for fintech

The global economy is now being shaped by innovation and novelty in digital technology. New inventions and advancements in already existing software and hardware transform the way we live our day to day lives. Moreover, innovation is changing industries and sectors in national and international economic ecosystems, making them more convenient and easy to use. At the same time, such shifts help businesses in granting access to a soaring number of services and products to more and more people, residing in some of the most remote areas on earth. 

Industries from entertainment to education are turned upside down as digital technologies change them to their very cores. The global population is adapting to the new environment rather easily, taking the advantage of benefits digitalization brings to our social and economic lives. 

Generation Z, the youngest age group of our societies has a particular interest in this process. Born from the mid-1990s up until the late 2000s, Generation Z-ers were brought up in the era of emerging technologies. Their needs and demands primarily revolve around fast, convenient digital services. Expected to become the biggest purchasing power of our economies, the Gen Z-ers are under an active observation by major corporations. Their new products and future strategies are targeting the youngest in efforts to sustain profits and growth throughout the years to come. 

The financial industry’s global revolution – fintech 

Along with almost all other major sectors of the economy, the financial industry has gone through an unprecedented transformation throughout the past few decades. This sector remained traditionally tied to paper-based operations for years before stepping into the rapid process of digital adaption. Today, financial services are largely available on the web and mobile platforms while operations carried out by commercial banks and other institutions are performed exclusively through the internet. 

Fintech is a term used to describe the merge of technology and finance in modern times. Its history started in the 1950s with the introduction of credit cards, yet, it did not see an immediate success amid the lack of trust in novelty. However, the industry is now leading the way in terms of digital innovation. Neo banks, completely digital, web-based commercial entities are gradually overtaking the world while some countries such as Sweden are expected to form first cashless societies in history. 

Visa’s fast track program is a big step forward for fintech 

Visa is one of the world’s largest financial services provider companies. It runs operations in almost every country in the world with hundreds of millions of active customers across the globe. The corporation’s new fast track Visa partner program is an innovative project aiming to cut obstacles and the time needed to get fintech businesses up and running in terms of connectivity with the financial network. 

The new program will ease access to APIs, loans, and educational platforms for emerging and well-established businesses from all around the world. Its extensive coverage will bring more fintech businesses into the Visa’s large ecosystem than ever before. 

Visa puts particular emphasis on including more social groups into the program

It is widely known that some social groups are more vulnerable when it comes to access to financial services and resources. As a result, billions of dollars are lost by the global economy each year due to the unused labor of some social groups. Visa is trying to fill in the gaps and make the system as just and fair as possible. 

Moreover, the new program will allow more types of entities to join in easier than ever before. Once an exclusive market is now made more available and accessible with the efforts put in by Visa and its strategic development team. 

• Female business owners and leaders: Visa is particularly focused on involving as many female innovators and business owners as possible. Throughout its history, the corporation has funded a number of successful female-owned startups and well-established businesses, such as Airwallex and others. The new program continues the work and aims to further increase the inclusivity of the company while encouraging more female leaders to cooperate with Visa. This time, the focus will come on fintech businesses developed by female entrepreneurs from all around the world.

• Digital Currency Wallets: With the immense expansion of fintech across the globe, digital wallets have become more popular and attractive than ever before. A growing number of companies introduce their own digital wallets while some startups are solely focused on delivering such services within a narrow and specifically tailored framework. Visa’s new program emphasizes the importance of enhancing such innovative businesses. 

• Small and medium-sized businesses: small businesses represent a real driving force of the modern economy. They make up the biggest employment base in many nations. In simple terms, without them, millions would be left unemployed. Therefore, Visa acknowledges the importance of such businesses in our economy and tries to boost their financial stability by offering special services, tailored to their needs. The new program will grant faster and more convenient access to small fintech businesses in the field that are just starting off in this extremely competitive environment. 

Fintech will see major benefits throughout the fast track program

Small fintech businesses, some led by female entrepreneurs or those based in remote areas often face difficulties in becoming a part of a larger financial system. This results in a lack of investment opportunities, convenience, and customers for many of them. The new program by visa will grant more security and a great access to the digital financial ecosystem to such businesses, revolutionizing the way many of them work to date.