Digital rewards and incentives company fulfills award through a custom Visa Virtual Account at October tech event.
01 December 2016 – Las Vegas, NV – Virtual Incentives, an industry pioneer in digital reward fulfillment for leading global brands, instantly distributed $25,000 in prize money to Visa Developer Challenge winners at the Money20/20 Hackathon in October.
Winning teams had the option to receive their prize money through a Visa Virtual Account that was digitally delivered through the Virtual Incentives platform. The Money20/20 Hackathon is the premier event for the world’s best developers to showcase their skills and vision using the APIs, SDKs and other tools from today’s leading payments and financial services innovators. Visa was a sponsor of the 24-hour hackathon, awarding a prize that included $25,000 to each of the two winning teams. Virtual Incentives worked with Marqeta, a payment innovation platform, and Visa to fulfill the need for custom, digital rewards for the winners.
“Visa Virtual Account was the perfect solution for the Hackathon – it is progressive and easy to use – which matched up perfectly with the innovative theme of the event,” said Jonathan Price, CEO of Virtual Incentives. “Visa wanted to reward winners quickly and effortlessly. We teamed up with Marqeta and were able to set up the Visa Virtual Accounts and deliver them directly to the Hackathon winners.”
During the event more than 600 participants competed to create experiences that could expand commerce in new ways. Two winning teams of the Visa Challenge each received $25,000 and other prizes. One of the teams received its prize money distributed as Virtual Visa through the Virtual Incentives platform.
“Hacking for 24 hours straight and then having to wait weeks to get a check in the mail that they have to physically go to a bank to deposit is not nearly as cool for software engineers as getting a Visa Virtual Account minutes after the winning announcement,” said Ahmed Siddiqui, Product Manager at Marqeta. “We are thrilled to have been able to assist Visa in creating this amazing experience for their winners with the use of Virtual Incentives powered by Marqeta’s API.”
Judges for this year’s Hackathon included leaders at high tech financial companies from around the world. The Hackathon was held in Las Vegas in October as part of the Money20/20 show.