Visa Canada has partnered with Plug and Play, a global accelerator and venture capital firm. As a founding sponsor, Visa pledges to help Plug and Play establish itself in the Canadian market. This partnership aims to create a platform where fintech innovation can flourish through collaborations.
The Canadian fintech sector is experiencing unprecedented growth, with estimates suggesting an annual growth rate of 25% until 2029. Visa's collaboration with Plug and Play is poised to amplify this growth by providing fintech companies access to the scalability and security of Visa's global network.
Visa's Initiatives in Advancing Fintech
Chris Ferron, the Head of Digital Partnerships and Fintech at Visa Canada, mentioned: "Fintechs spark and enable innovation. They can enhance our capabilities, help clients reach new audiences, and constructively challenge us. At Visa, we embrace fintechs, large and small."
"As a leader in digital payments, we work with fintechs to shape the future of payments through strategic collaborations and product offerings that help push the boundaries of payment technology and user experiences. We look forward to working with Plug and Play to advance the mission of fintech and make money movement easy."
Additionally, Visa has committed to enhancing the payment ecosystem through programs like the Fintech Fast Track Program. This initiative involves collaboration with approved fintech startups, providing them with the tools and insights needed to swiftly introduce new payment solutions to the market.
Recently, Visa completed the acquisition of the cloud-based fintech startup Pismo in a deal worth $1.2 billion, Finance Magnates reported. This deal, announced in November 2023, enables Visa to expand its offerings into core banking and card processing solutions.
Acquisitions and Web3 Initiatives
Pismo's suite of cloud-native APIs and microservices empowers banks to develop and launch digital banking products, covering everything from account opening to payments and card issuing. Visa described the acquisition of Pismo as a gateway to provide clients with core banking, card issuing, and real-time payment capabilities through modern cloud-based APIs.
This move signifies Visa's shift beyond card payments, reflecting the company's commitment to broader financial infrastructure services. With the rapid growth of online and mobile banking, traditional payment systems face challenges, creating opportunities for modern platforms like Pismo's.
Additionally, Visa's recent foray into Web3, evidenced by the launch of Visa Web3 Loyalty Engagement, further diversified the company's product range. This digital loyalty solution, developed in collaboration with SmartMedia Technologies, merges Web 2 and Web 3 technologies.
