Visa has launched the ‘Visa Ready Creator Commerce’ program, a global initiative that will help platforms where content creators work, such as social media companies with in-app purchases and video games, to incorporate new financial tools, such as payments faster and more flexible, tips and donations.
It is estimated that there are currently more than 50 million artists, musicians and content creators worldwide, who publish content as a source of income on a full or part time basis. Accenture expects social commerce, which includes work powered by these creators, to reach $1.2 trillion (€1.22 trillion) by 2025.
The data compiled by Visa shows that 69% of content creators recognise that waiting for payments slows down their growth and that 88% would commit more to a platform that offers instant payments.
In this scenario, the new Visa-powered program will allow content creators to access their funds in near real time. Likewise, platforms that meet the requirements will be able to enable the purchase of ‘micro tickets’ through the ‘Visa Ready’ program, unlocking the possibility for creators to receive tips, gifts and donations from their followers in small amounts.
Visa Senior Vice President and Global Head of Innovation and Digital Partnerships, Vanessa Colella, said content creators are changing and expanding the small business ecosystem.
“We want to leverage the scale and reach of our network to help this community thrive. With the ‘Visa Ready Creator Commerce’ program, we’re building connectivity, bringing the entire ecosystem together to offer modern financial tools that make payments easy for creators.” of content”, she highlighted.