Visa has announced the launch of its first-ever European Everywhere Initiative, challenging startups and FinTech companies from 19 European markets to submit ideas focused on improving payments in the local community and across the travel industry.

Competitors will have a chance to win up to €50,000 to support a development programme with Visa, or through business partnership with Visa’s financial institution clients. Successful entrants will have the opportunity to access Visa APIs through the Visa Developer Platform, executive mentors and technologists to help them further develop their ideas.

First launched in the USA in 2015, Visa’s Everywhere Initiative is designed to encourage payment innovation as the payments industry shifts from plastic to digital, and nearly 1,000 start-ups that have participated have collectively raised $1.7 billion in funding. In addition to Europe, Visa will also continue to host Everywhere Initiatives in North America, Latin America and Asia this year.

Bill Gajda, senior vice president, innovation and strategic partnerships, said: “The consumer experience is at the heart of the payments industry, a sector that is accelerating and developing at a greater pace than ever before, spurred on by new technologies. Through competitions like Visa’s Everywhere Initiative, we are spurring technological innovation to drive acceptance and promote even greater convenience for consumers.

“By focusing on local community and travel experience we hope to facilitate improvements to the everyday lives of people, wherever they are. Having already witnessed success across the Atlantic, we look forward to welcoming submissions from innovative European startups looking for funding and fruitful collaborations to help them realise great ideas.”

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