Visa Program Unlocks New Opportunities in the Creator Economy
Business Wire India
Creators are driving a revolution in digital commerce and culture – producing content that entertains, engages, and educates online communities in powerful new ways. To serve this growing category of small business, Visa (NYSE: V) today announced the launch of the Visa Ready Creator Commerce program. The global initiative will help creator-centric platforms, such as social-commerce and video gaming companies, embed financial tools – like faster and more flexible payouts through Visa Direct and tipping and donations.
“Creators are reshaping and expanding the small business ecosystem,” said Vanessa Colella, SVP and Global Head of Innovation and Digital Partnerships at Visa. “We want to harness the scale and reach of our network to help this community thrive. With the Visa Ready Creator Commerce program, we’re building a connective layer – bringing platforms and technology enablers together to deliver modern financial tools for the creator economy.”
Helping Creators get Paid Faster
The creator economy is one of the fastest-growing categories of small business, with more than 50 million artists, musicians and creators publishing content as a full- or part-time source of income.1 Social commerce, which includes creator-driven work, is expected to reach $1.2 trillion by 2025.2
For many small businesses, cash flow is a persistent challenge. Creators need to move capital quickly to build momentum and gain a following. In fact, 69% of creators surveyed by Visa say that waiting for payouts slows their momentum and 88% would engage more with a platform that offers instant payouts.3 Immediate access to earnings can help creators capitalize on viral moments, opening further opportunities for advertising and brand and partnerships. Through the Visa Ready Creator Commerce program, creator platforms can get connected to Visa Direct, enabling creators to access their funds in near real time.4
The ability to receive gifts, tips, and donations from fans and followers is another vital tool for creators in monetizing their work and growing their business. Through the Visa Ready program, qualifying platforms can enable tipping and subscriptions, and unlock new income streams for creators globally.
“Providing creators with new tools, resources and avenues to make money from their work online is more important than ever,” said Alex Zaccaria, CEO and Co-Founder, Linktree. “Linktree is proud to join forces with Visa to help creators unlock greater potential and opportunity and to empower all creators to curate, grow and monetize their world.”
“The world is shifting, and for many, the traditional two-week pay cycle is becoming increasingly outdated – especially with the rise of the creator economy and social commerce,” said Simon Khalaf, Chief Product Officer, Marqeta. “Being able to access faster payouts has the potential to make a significant difference for creative businesses, and we’re proud to support Visa on the Visa Ready Creator Commerce program. Through Marqeta’s modern card issuing platform, we’re enabling instant issuance and digital payments that we believe sets up the creator economy for continued growth and success.”
“With the proliferation of e-commerce channels and tools, creators have to make sure their technology stack is integrated,” said Peter Zhou, CEO, Rutter. “Rutter is quickly becoming the connective tissue across all tools, making it easier for creators to get started and leverage the tools they need. Turning on capabilities through Visa Ready Creator Commerce helps Rutter connect these tools for creators.”
“Visa’s creator payouts solutions with SamCart will help creators get paid faster, which gives them the ability to reinvest in their business to fuel their growth. SamCart is a leading eCommerce platform built for creators, by creators. Our 40,000+ creators have collectively earned more than $2.8B with us,” said Brian Moran, Co-founder & Chief Strategy Officer of SamCart. “With this new Visa program, we will be able to help creators get access to those funds within minutes by simply using their Visa debit cards.”
Continuing our Commitment to Creators
The Visa Ready Creator Commerce program expands on Visa’s commitment to educating, empowering and enabling the entrepreneurs within the creator ecosystem. Earlier this year, Visa launched The Visa Creator Program, a one-year immersion experience to help creators navigate the technology behind NFTs and better understand how they can monetize their creativity using these new technologies.
For more information on the Visa Ready Creator Commerce program, including details on how to join, visit our webpage.
About Visa Ready
Visa Ready is a long-standing partner program with more than 11 product verticals that help companies build and launch payment solutions that meet Visa’s global security and functionality standards. With more than 500 partners and 160 solutions, Visa Ready provides a platform through which these payments innovators can promote their solutions to the market (and through which clients can identify partner solutions that align to their payments needs). You can learn more about this program here.
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
1SignalFire, “Creator Economy Market Map.”
2Accenture, “The future of shopping and social commerce.”
3 Marketplaces Survey (March 2020). Commissioned by Visa and conducted by Raconteur among 750 marketplace sellers, 224 of which were digital creators.
4 Actual fund availability varies by receiving financial institution, receiving account type, region, and whether transaction is domestic or cross-border.
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