Visa launched its Visa Developer platform earlier this year to open up to third-party developers and bring more attention to digital commerce, a move that gives its second annual "Everywhere Initiative" even more meaning.

Through a partnership with startup ecosystem Kite, Visa is posing three business challenges to developers. The winner will receive $50,000 to produce the solution as well as guidance from Visa marketing, product and technology teams for a year.

Visa created the Everywhere Initiative last year to work more closely with those developing payment solutions and commerce experiences for consumers and merchants.

The three challenges this year are an API challenge in which developers can use any relevant Visa application interface to improve an existing app or a create a new one; a global event challenge focusing on social media channels to engage fans at Visa-sponsored events; and a cardless challenge to develop ideas that would encourage digital payments funded by Visa accounts.

“With payment and marketing innovation happening at breakneck speed, Visa is once again asking the startup community for their best ideas to help move the industry forward,” Shiv Singh, senior vice president for digital and marketing transformation at Visa, said in an April 28 press release.

“With Visa’s rich set of APIs and SDKs, we are especially excited to see how our open platform can help fuel additional payment innovation with this year’s challenges,” Singh added.

Visa began accepting submissions April 28 for the three challenges.

In addition to the challenge, Visa also announced it is working with the Kellogg School of Management at Northwestern University to advance payment innovation and digital commerce ideas in the classroom.

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