What happened: The creator economy has been one of the fastest-growing industries in the past few years. However, the financial services it offers are often not the right fit. According to Visa, even though creators are often small businesses, they are treated as individuals. Visa aims to change this and intends to partner with various platforms and solution providers, targeting creators to provide tailored financial services with a strong focus on payouts via its Visa Direct services (American Banker; Paywall).
My comment: Creators are an ideal target for embedded finance solutions. Firstly, they use different software solutions where adding financial services can create additional value, and secondly, most creators struggle with their current financial service providers. The big challenge is that creators are spread around the globe. If you are a non-financial brand with creators on multiple continents, it is not easy to offer full-fledged financial services. That being said, some areas can be more easily targeted than others, and perhaps payouts on existing debit or credit cards via Visa Direct are possibly one of them.
