Visa Fintech Partner Connect helps to transform payments

Visa has announced the launch of its ‘Visa Fintech Partner Connect’ initiative, a programme aimed at transforming global digital payments.

The company will include a “suite of enhanced capabilities” that combine its own with those of 13 carefully selected partners in the European fintech sector. These include:

• 11:FS Pulse on the consumer digital journey
• ComplyAdvantage on transaction compliance
• Onfido on digital identity verification

At a time when innovation in payments services is more vital than ever, Visa’s efforts to create a more cohesive digital space could significantly level the playing field.

“The popularity and need for digital payments and online banking have never been greater with the global pandemic accelerating this shift in behaviour,” said Mark Nelsen, Senior Vice President, Europe Product, Visa.

“This means that financial institutions and businesses of all sizes are looking for ways to rapidly develop their offerings. Visa Fintech Partner Connect enables them to do just that, combining Visa expertise with some of Europe’s most innovative fintechs to develop next generation digital solutions.

“We’re already working on a number of exciting projects and look forward to collaborating closely with our clients on new projects over the coming months, which we are confident will enhance the digital payments experiences available to consumers across Europe.”

Payments solutions: accelerated growth

The contemporary importance of payments processing solutions was underscored by a report released by Global Market Insights (GMI) in late October 2020. 

Calculating the market’s size in excess of US$60bn in 2019 and estimating an 11% CAGR between over the next six years, GMI believes that the payments industry will be worth $140bn by 2026.

Among the report’s findings were the following:

• There appears to be a positive correlation between QR code technology and contactless payment trends.
• A prolonged surge in internet penetration is feeding ecommerce models.
• The ease and lack of restrictions relating to debit cards are fueling their use.
• North American digital payments adoption is expected to remain particularly healthy, with GMI estimating that the region will hold a 40% market share in 2026.