For Visa, supporting fintechs is key to COVID-era recovery
- Digital payments have become popular options during this time of great change.
- Visa works with fintechs to increase access to electronic payments and create new payment flows.
As the global economy responds to COVID-19, we have seen a rapid adoption of digital payments and digital banking. Social distancing, work-from-home and lockdowns require merchants and consumers to move commerce online and has necessitated the need for online payments, contactless terminals and digital banking services.
In the U.S., digital banking app downloads increased 60%, while in Europe, the use of financial apps increased by 72%1 .
Fintechs are at the center of this digital payment ecosystem and Visa’s goal is to enable these companies to expand access to electronic payments and create new payment flows. We seek to partner, invest and support fintechs through programs that can help them scale globally and create new digital payment experiences.
Scaling efficiently
Rapidly growing companies need to scale with efficiency. Our Fast Track program brings together all the pieces a fintech needs to get up and running, streamlining the process of integrating with Visa and connecting to our network. Since expanding globally a year ago, Fast Track has grown 280%2 to more than 140 fintechs, underscoring the surge in demand for digital payments.
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