Visa Program Unlocks New Opportunities in the Creator Economy
Visa today announced the launch of the Visa Ready Creator Commerce program, To serve this growing category of small business.
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, 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” said Vanessa Colella, SVP and Global Head of Innovation and Digital Partnerships at Visa.
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.
To help bring these solutions and partnerships to the forefront, Visa is planning creator commerce solutions with companies such as Linktree, Marqeta, Rutter and SamCart.
“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.
“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.
"With the proliferation of e-commerce channels and tools, creators have to make sure their technology stack is integrated," said Peter Zhou, CEO, Rutter.
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.
