Visa has opened applications for its 2023 UAE start-up booster programme called Visa Everywhere Initiative to enable companies to pitch their solutions to solve payment and commerce challenges.
The programme aims to help start-ups create ‘impactful solutions in the world of payments and commerce’.
The winner will receive $20,000, the San Francisco-based company said on Tuesday.
Visa will be accepting applications until May 14. The winner of the event will represent the region in the finals that will be held during the TechCrunch Disrupt event in San Francisco on September 19.
Visa Everywhere Initiative is a “platform that empowers fintechs and entrepreneurs to showcase the most ground-breaking, impactful solutions in the world of payments and commerce”, said vice president and country manager for the UAE at Visa, Salima Gutieva.
“Through their technology-driven, innovative solutions, fintechs have the potential to offer broad social benefits to the markets they operate in — particularly when it comes to providing financial services to those who have traditionally been underserved.”
Start-ups are booming globally as they take on the challenges of developing solutions for a world that is becoming increasingly digital in key sectors such as retail, services and commerce. They are also increasingly seeking funding from global investors to accelerate their development.
The use of mobile platforms to gain access to financial services is rapidly expanding in the UAE, with more than half of all residents now using digital wallets, as online payments increase. The trend especially resonates with Gen Z, according to Checkout.com.
“We believe access to the digital economy drives equitable, inclusive growth,” said Ms Gutieva.
Since its establishment in 2015, VEI has helped startups from more than 100 countries raise over $16 billion in funding, with a network of nearly 12,000 start-ups worldwide.
