“We are looking for the best marketing solutions to help consumers achieve their goals using our products and services. If you’re a startup, participate in the challenge.”  – reads the finance giant’s webpage dedicated to the challenge.

Ahead of the SXSW conference, Visa plans to launch the initiative with the purpose of harnessing the best of the startup community. As a part of the initiative, Visa is launching three challenges- First is the ‘Drive Digital Commerce’ which is aimed at lowering the number of people who initiate transactions but never complete them . Visa Checkout is a new product that makes it easier for consumers to pay online from the card they know and trust. The challenge includes raising awareness about the subject and drive trials.

Second is the ‘inspire Millenials’ challenge aimed at providing Millenials security, get home loans and take care of their finances. The last challenge- ‘reward members’ with which they hope to maximise benefits for their cardholders and win more loyalty.

The Initiative will be open for start-ups from 14th March. Finalists will be invited to present their pitches to Visa’s marketing and communications teams before up to four winners are picked, each receiving $50,000 and given 30 days to work with the card scheme to get a pilot up and running.

“The time is right for Visa to work with the “grown-up” startups of today. We’ve reached a new phase in how brands interact with the startup community, in which true partnerships generate measurable results. We’re directly connecting with the marketing and advertising startup communities to solve for meaningful business objectives,” said Shiv Singh, global head, digital and marketing transformation, Visa.

The challenge promises to break down barriers everywhere. They say “If you’ve got a breakthrough idea watch for your chance to submit and help us make it happen.”

(image credit: Heisenberg Media)

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