The program makes it quicker and easier for fintechs to leverage Visa’s global payments network and introduce new payment experiences. This strategic initiative is a response to the surge in demand among fintech players to enhance their product propositions, expanding beyond their core businesses.
Due to the global pandemic, many innovators will be particularly focused on the delivery of services that are supported by quick, seamless, and reliable digital payments. Worries about virus contamination through money handling, along with virtual working arrangements, the rise of online shopping due to lockdown restrictions and bank closures, has led to an accelerated pace of adoption for contactless and mobile transactions around the world, particularly in fast growing emerging markets.
The number of non-cash transactions, or digital payments, soared worldwide last year to over 700 billion – the equivalent of nearly 100 digital transactions on average in a year for each person on earth. The prevailing covid environment has also led to a cross generation transition toward digital channels and digital payments, with baby boomers as well as older generations entering the new world of payments for the very first time.
Under these conditions, BPC and its payment processing service firm, Radar Payments are well positioned to meet the demands of the digital boom and will join Visa’s Fintech Fast Track Program as preferred technology enablement partners. With this strategic alliance, BPC will provide essential payment processing service that lays the foundation for fintechs to build their own products. As a leader in payment solutions and services BPC has unrivalled payment expertise and its robust SmartVista platform is adopted in more than 90 countries.
By extending the Visa Fintech Fast Track Program, fintechs from APAC and EMEA can connect to BPC and Radar Payments and gain access to robust, secure and instant payments solutions through VisaNet, in addition to value-add connections with national payment systems and governments to offer a differentiated retail, commerce or business customer experience. BPC’s SmartVista platform is also certified under the Visa Ready program.
BPC will provide fintechs with software as a service (SaaS) or processing as a service (PaaS) models using its new paytech Radar Payments’ international processing centre. This centre is already hosting numerous fintechs, payment service providers (PSPs) and neobanks, enabling them to go to market faster, with lower operational costs and a highly competitive minimum viable product.
Jane Loginova, co-founder of Radar Payments by BPC, shared her view: “We are very excited about our collaboration with the Visa Fintech Fast Track Program, because of its real focus on enablement of fintechs. Through our own journey in supplying payments technology globally, we have come to appreciate the challenges fintechs have when they want a fast rollout of services, best in class, innovative, secure and reliable. Thanks to our techt stack and expertise, BPC is in the best position to support the most exciting fintechs on their expansion journey and to activate more markets together with Visa. We look forward to further enabling the growth of fintechs with the right technology and services to launch a compelling proposition while limiting cash flow risk.”