Visa, the global leader in digital payments, has announced that its Fintech Fast Track Program, which helps fintech and crypto companies bring new payment solutions to market, now supports real-time money movement in the United States. This means that approved fintechs can leverage Visa’s network and capabilities to offer instant and secure transfers of funds to consumers and businesses.
The Fintech Fast Track Program is a program designed by Visa to help fintech and crypto companies launch innovative payment products and services. The program provides fintechs with access to Visa’s tools, expertise, and network of partners, such as BIN sponsors, processors, and program managers. The program also offers benefits such as reduced expenses, expedited onboarding, cohort benefits, and exclusive resources.
The program was launched in 2018 and has grown 280 percent since then, with 140 fintechs participating globally. The program covers various categories of fintechs, such as enablement partners, female-founded fintechs, digital currency wallets, consumer-centric and business-to-business solutions providers.
How does the program enable real-time money movement?
One of the key features of the program is that it enables fintechs to offer real-time money movement to their customers. This means that fintechs can use Visa’s technology and infrastructure to facilitate fast and secure transfers of funds between accounts, cards, or wallets. This can benefit both consumers and businesses who need to send or receive money instantly, whether for personal, professional, or social purposes.
Some of the fintechs that are leveraging this feature are:
- Airwallex: A cross-border payment platform that simplifies B2B payments and helps businesses access foreign exchange rates and payment methods.
- Rappi: An on-demand delivery startup that offers a variety of services, such as food, groceries, pharmacy, and cash delivery, as well as financial products, such as RappiPay, a digital wallet that allows users to send and receive money instantly.
- Scrypt: A payment innovation company that offers a suite of solutions, such as Scrypt Pay, a BNPL product that allows consumers to split their purchases into interest-free installments, and Scrypt Move, a real-time money movement product that allows users to transfer funds between cards, bank accounts, and digital wallets.
Why is real-time money movement important?
Real-time money movement is important because it can improve the efficiency, convenience, and security of payments for both consumers and businesses. For consumers, it can enable them to pay bills, send money to friends and family, or shop online with ease and confidence. For businesses, it can enable them to pay suppliers, employees, or contractors, or receive payments from customers, without delays or intermediaries.
Real-time money movement can also support the recovery and growth of the global economy, especially in the wake of the COVID-19 pandemic, which has accelerated the demand for digital and contactless payments. By enabling fintechs to offer real-time money movement, Visa is helping to build the future of payments and foster financial inclusion and innovation.