Recently, Hatch partnered with Visa, the global leader in digital payments, to host the Visa Fintech Initiative: Sri Lanka. The program was designed to empower fintech startups across the island with technology, knowledge, and resources. Through this partnership, the goal was to raise awareness of global fintech trends and help local businesses in the sector thrive. Both parties believe fintech startups will play a vital role in Sri Lanka’s economic growth. To that end, the program covered several topics and exposure to the company’s vast array of products and services.
The first webinar of the program was Visa’s Global Innovation Tour, with an overview of its Innovation Center in Singapore. The session was hosted by Govind Nair, Associate Director of Innovation & Design at Visa India and South Asia, and Nikhil George, Manager – Fintech Partnerships at Visa India & South Asia. This guided experience took participants through the company’s latest innovation initiatives and the potential of its network beyond simply card payments. The session also showed how the platform is helping individuals, organizations, and governments expand their operations with innovative technologies.
The tour comprised a dive into 3 digital experience zones, focusing on various aspects of Visa. Each zone provided a unique interactive experience to showcase the company’s innovations concisely with real-life case examples.
Zone 1: The Digital Capability Wall
The first zone highlights the payment network’s capabilities, including co-branded products, such as various credit, debit, and corporate cards, and their payment enablers – dip, swipe, and touch. Security concerns are minimized through features like digital tokens, and Electronic Know Your Customer (EKYC) protocols. These solutions increase the safety of cards on digital wallets.
Zone 2: Café Experience and Carousel
Next, Visa presented some of its latest innovations in Fintech:
- The transfer of funds to overseas Visa accounts in real-time with complete transparency of exchange rates, fees, and the amount received by the payee.
- Overseas payments are made possible with card credentials for travelers.
- Tap to pay for public transit in select countries.
- Offers for shopping also enable users to pay now and pick up at the store.
- Enabling merchants to accept card payments at a low cost with only an Android smartphone fosters the growth of MSMEs.
- Option to Pay in Full or Instalments at POS
Zone 3: Payment Fraud Test and Partner Showcase
The third part of the tour demonstrated how the Fraud Detection team at Visa identifies risks and alerts its partners. The company’s partner showcase provided insights to the participants on other global initiatives by the company, such as its Visa Accelerator Program and fintech stories. It’s currently working with partners to develop future-ready features like
- Automated grocery ordering.
- Product suggestions for everyday essentials.
- Purchase suggestions while passing by on the commute.
- Smart data for automated loan facilities.
The Future of Fintech with Visa
Visa is pushing the limits of fintech innovation to incorporate digital currencies on its platforms in select markets. Through the Visa Fintech Initiative: Sri Lanka, the company aims to help fast-track the growth of local fintechs by providing dedicated support, faster onboarding, and incentivization opportunities through its partnership with Hatch. As Country Manager for Sri Lanka and the Maldives, Avanthi Colombage said, “Visa can become the preferred partner for many organizations as they leverage our global depth and breadth of expertise. We are looking forward to partnering with fintechs and creating innovative solutions for the future of Sri Lanka’s payment ecosystem.”