Visa is rolling out its Everywhere Initiative to foster the development of the next big thing in payments in the Latin America and Caribbean regions.

With the motto of "leveraging digital technologies to transform financial services and payments" in the regions, the company wants to find fintech ventures developing innovative products and services for final consumers and businesses using Visa APIs.

Under the initiative, startups will get a chance to access Visa's executive mentors and technologists, with 10 finalists participating in a 4-day immersion program with the company in Miami prior to the finals. The winner will get a $50,000 prize.

"Around the globe, technology-driven startups are transforming the financial services industry. Latin America is not immune to this trend, where fintech startups from across the region are improving access to and delivery of a wide array of financial services to both banked and unbanked segments of the population," Visa said in the initiative's brief.

"With access to Visa APIs and by harnessing Visa capabilities, startups from the region have the unique opportunity to create innovative products and services that benefit consumers and businesses in the region," the company added.

In order to take part, participating must be based in a Latin America or Caribbean country and must be incorporated, but for no longer than five years.

In addition, Visa wants ventures to have launched a commercial offering and have an existing customer base. Ventures who have raised more than $6 million in external capital will not be considered.

Interested parties must sign up online until July 17.

Everywhere Initiatives are already online in North America, Europe and Asia.

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Visa exports fintech startup contest to LatAm and Caribbean | ZDNet - ZDNet