Technology has changed the way people shop and the way they donate to charitable organizations. However, there’s still a need for innovative payment alternatives when it comes to delivering funds to those in need.
To address this gap, merchant services company Visa has partnered with NetHope, a consortium of 37 humanitarian organizations, to modernize the distribution of payments to natural disaster victims and other deserving individuals.
The credit card company has created the Visa Innovation Grants program, which will offer a total of $500,000 in grants to help modernize humanitarian aid payments to various organizations.
Each year, humanitarian, development and government organizations distribute billions of dollars of cash payments to people in need through benefit stipends, emergency relief payments and other development initiatives. Organizations worldwide are looking for ways to make the transition from distributing physical cash to electronic payments in order to ensure faster delivery, greater transparency and increased security.
“We have a tremendous opportunity to use innovation to improve the speed, security and long-term impact of humanitarian and development aid,” said Visa’s Douglas Sabo. “Through this program, we will support organizations’ efforts to electronify their payments to help improve the lives of those they serve.”
Nongovernment organizations with innovative ideas to modernize the distribution of payments must submit their proposals by January 9, 2013, in order to qualify for the grants. Recipients will be announced in early 2013.