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Innovations for a Cashless World
Visa’s Everywhere Initiative is a global innovation program that tasks start-ups to solve payments and commerce challenges of tomorrow, further enhance their own product propositions and provide visionary solutions for Visa’s vast network of partners. The program first launched in the U.S. in 2015 and quickly expanded into a global program with more than 2,100 participating start-ups, which have collectively raised over $2 billion in funding, with more than 131 finalists and 36 winners selected. The program activates in North America, Latin America, Europe, Asia, the Middle East and Africa, touching over 40 countries.
startups participated to date
overall winners awarded
collectively raised by startups
How might start-ups leverage social media platforms to create seamless financial or banking experiences for Millennials?
Millennials (18 to 34) make up 34% of Vietnam’s population. They may be introduced to banking service (domestic cards can be used as the student ID cards) upon the entrance into universities. They are no stranger to cards with majority holding domestic cards but only 1 in 5 holds international cards (credit/debit). They perceive the banking process/procedure bureaucratic and inefficient. Our research indicates that they love technology, convenience & security.
Today, they mostly use cash but are willing to change if there is an alternative that is clear, simple and appealing. In addition, there is a strong preference for digital platform as they shop, dine and socialize together.
Challenge: How might start-ups leverage social media platforms to create seamless financial/banking experience for this segment?
How might start-ups give consumers a digital pay-on-delivery solution that meets their needs better than cash?
With the population of 95 million, and a thriving emerging middle class, there are about 250K POS in Vietnam. Expanding acceptance in high frequency, small ticket spend categories will be one of the key drivers to accelerate electronic payments for the emerging middle class.
Challenge: How might start-ups innovate to expand the acceptance and provide value-added service to merchants?