Why Visa is right to back creators as small businesses
The payment giant’s bold initiatives, from real-time payouts to creator summits, signal a seismic shift in how brands embrace the growing power of the creator economy.
The tides are turning in the digital economy and creativity is riding a fresh wave of influence. Visa’s recent announcements at Web Summit 2024 make it clear: the creator economy isn’t just a niche; it’s a powerhouse. For the first time, a global financial giant such as Visa is publicly recognizing creators as small businesses, providing them with tools tailored for growth and stability, from rapid payouts to financial resources usually reserved for traditional enterprises.
This acknowledgment is a long time coming. According to Visa’s survey, over two-thirds of creators cite slow payouts as a major barrier to scaling their work. Enter Visa Direct – through strategic partnerships with social networks and marketplaces, this solution allows creators to receive real-time payments straight to their debit cards. “It’s incredibly rewarding to see the world finally recognizing creators as the driving force behind the digital economy,” said Jonathan Kolozsvary, Visa’s global head of small business. With initiatives such as these, Visa is not just following the market but actively shaping the future of how creators do business.
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Visa’s commitment to the creator economy goes beyond mere tools; it’s a cultural alignment. Its collaboration with Pharrell Williams, a multifaceted creator himself, exemplifies this spirit. Pharrell, a renowned musician, filmmaker and philanthropist, has partnered with Visa to support Black and Hispanic-owned small businesses and advance financial literacy among students through his nonprofit, Yellow. Pharrell joined Visa’s CMO Frank Cooper III on stage to discuss the transformative potential of the creator economy. “Pharrell embodies the creator spirit and we’re excited to expand our partnership,” said Cooper. This isn’t just about brand alignment – it’s a signal that creators are shaping culture, commerce and society in ways that industry giants can’t ignore.
And Visa is doubling down. Its ‘GetP@id’ social series mentors aspiring influencers on monetizing their craft and the inaugural Creator Summit in Tokyo later this month will bring together rising creators to learn from Visa and industry leaders on building viable, sustainable businesses. These initiatives are part of Visa’s broader strategy, positioning it at the heart of the creator economy.
With AI rapidly fragmenting traditional market structures, brands need to rethink their approach to engagement. Visa’s pivot illustrates that adapting to the creator economy isn’t optional; it’s essential. Today’s creators are more than influencers – they’re small businesses, cultural touchstones and, increasingly, leaders in economic innovation. Visa’s alignment with this wave signals that the industry cannot afford to dismiss or downplay the creator economy’s power. As commerce shifts toward personalization and niche engagement, those who embrace this creative revolution will thrive, while those who resist may be left behind.
In short, Visa’s moves signal a broader trend – one that has profound implications for the future of commerce. The creator economy is here to stay and it’s rewriting the rules of business. The question for other brands is clear: will they join this transformation or risk being outpaced by a new, creator-led economy?