Visa Inc. V partnered with seven new fintech startups in the Asia Pacific under its Visa Accelerator Program. As customers continue incorporating digital payment solutions in their day-to-day life, Visa aims to collaborate with startups to successfully build new digital experiences.
The seven startups chosen for the program are Dowsure, Kadmos, Doxa Holdings, Playbux, Pi-xcels, Twid and Transpure. These companies are from India, Mainland China, Thailand, Singapore and Germany. Web 3.0, embedded finance, small and merchant business enablers, global money movement and open banking solutions are the areas of focus. This partnership showcases Visa’s unwavering focus on digitizing the payments space and leveraging from next-generation payments platforms through collaboration.
The startups will gain from the expertise of payments and business development teams at Visa and also be able to validate their solutions for commercial opportunities. On the other hand, Visa will benefit from new technology and perspective, driving efficiency in cross-border money flow, opening new acceptance points and providing better digital experiences for customers. This, in turn, will enhance Visa’s existing offerings to its clients, driving revenue growth.
Visa has also partnered with Plug and Play to help them navigate the process of identifying, attracting and accelerating companies in the startup space to bring innovative solutions to industry challenges.
Under the Visa Accelerator Program, startups can access Visa’s global network and its technological capabilities, grow their business, and expand the overall payments ecosystem with innovative products. The success of past partnerships like these is a testimony to the fact that succeeding in today’s challenging environment requires strong partnerships with shared vision and goals.
Other players in the remittance space include Euronet Worldwide, Inc. EEFT, Fidelity National Information Services, Inc. FIS and The Western Union Company WU.
Euronet Worldwide’s money transfer segment accounted for 42% of its total revenues in 2022. EEFT has been expanding its digital media content and digital presence through its mobile application and real-money transfer.com as digital transactions are on the rise. The company’s Ria Money Transfer subsidiary is bolstering its remittance service capabilities.
Fidelity National provides banking and payments technology solutions, processing services and information-based services to the financial services industry. Its strong position in the financial and payments solutions business, backed by a superior product portfolio and digitization efforts, poises it for growth.
Western Union boasts a solid digital arm and is focused on strengthening its position in the global cross-border payments market. Its focus on the remittance market of the Indo-Pacific region will likely be a major positive.
Zacks Rank & Price Performance
Visa currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of Visa have jumped 12.1% year to date compared with the industry’sgain of 8.5%.
Image Source: Zacks Investment Research
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report