(Finance) – The VIPE Summit 2024 was heldthe final event of the Italian edition of the Visa Innovation Program Europe, the program that aims to accelerate fintech innovation and shape the payments of the future. The objective of the program – currently active in seven countries, including Italy – is to create a connection between fintech companies and Visa’s global network of customers and partners, to encourage collaborations, bring out new proposals and market innovative products and services in the payments sector.
For the 2024 Italian editioncreated in collaboration with Hackquarters and Fintech District, the fintechs were selected Osense, Unipiazza, Viceversa and Wallife out of a total of over 55 applications. Fintechs that have focused on cutting-edge challenges, including supporting companies in reducing the impact of CO2 emissions or protecting against risks arising from new technologies and frontier innovations such as genetics and biohacking.
With this program, Visa offers to fintechs participants a series of opportunitysuch as quick access to new markets and to one partner networkbut also access to a international pool of mentors and experts and the opportunity to deal with investors and Venture Capital funds.
“There are many trends that are shaping our industry. It’s hard to choose just a few, but I’ll try to select four that there they enthuse“he explained Marni KruppaHead of Consumer Product Visa Europe, illustrating the challenges and the areas of innovation in which fintechs are protagonists.
“The first is digital identity: Today we see a fragmented digital identity space where banks, governments, big tech players and even fintechs are trying to solve the challenge of digital identity. It is interesting to note where this segment is heading: towards a greater convergence and partnerships, where different players join forces to bring together all customers, data, and generate trust to provide a truly robust digital identity solution. What’s most exciting for Visa is how identity and payments converge in a single credential”.
“The second trend I should mention – explains Kruppa – is embedded finance. We have seen embedded finance consumer sideincorporating financial services in shoppingin commerce and social media. But I think the next step is the B2B side of embedded finance. And that’s where my team has really tried to focus and innovate and collaborate in the ecosystem.”
“Another area that Visa is looking at with enthusiasm is open banking and how to increase efficiency in A2A payments through the use and exploitation of open banking APIs. We just announced the launch of our payment scheme A2A (account to account) – recalls Kruppa. A space, therefore, to keep an eye on.”
“And finally, generative artificial intelligence: This is something I have to mention. It underlies everything in our payments ecosystem. I believe there are very important prospects and a very positive trend in this sense: we will see where innovation goes.”
Talking about theimportance of fintechKruppa explained that “they are important because they help Visa to innovate and, really, challenge and push the ecosystem”https://www.Finance.it/DettaglioNews/1_2025-01-10_TLB/.”We consider fintechs as actors that they think differently – he added – that they operate differentlywhich transcend geographical boundaries, which push us to launch different types of products and services. Fintechs they help us to keep your attention high about what is happening in the market: what are their unmet needs, what challenges need to be addressed. Ultimately, let’s look at fintechs a strategic partner and a lever to advance our objectives in the consumer payments landscape, but also to open up new scenarios in the world of B2B payments and value-added services.”
“The Visa’s role in the ecosystem – he underlined – has remained substantially the same, despite the great changes that have occurred in the last two decades. First of all, we are here to safeguard the ecosystem. We created rules, standards and safety parameters so that every player can operate on a level playing field, regardless of whether it is a large bank, a large technology company or a small emerging fintech.”
“Secondly, we are here to foster and encourage innovation throughout the ecosystem and our role – explains Kruppa – is that of actively promote collaboration between us and the big tech players or fintechs, but also within the entire ecosystem. And we have many ways to do this. We collaborate with different actors to issue credentials. Let’s do it strategic investments. And we also have programs and partnershipslike the Visa Innovation Program in Europe which really helps to accelerate the innovation and growth of new players.”