Visa, Samsung, CaixaBank, Global Payments and Arval have unveiled the Payment Innovation Hub – Spain’s first innovation hub specialising in merchant commerce and payment methods.

The Payment Innovation Hub is located at Barcelona’s Pier01, a space set up by Barcelona Tech City to accommodate more than 100 digital and tech businesses and startups.

An initial total investment of €5 million has been earmarked for the project over the next three years.

The centre will be staffed by a dedicated multidisciplinary team, although each project will have its own group of researchers, which also may include members of the Payment Innovation Hub, experts from partner companies, independent specialists, startups, or other groups and institutions interested in specific areas of research.

The hub will specialise in initiatives that seek novel solutions for online and offline merchant commerce, and that address emerging trends and consumer demands.

There are several ongoing areas of investigation, ranging from biometrics to the Internet of Things, including the harnessing of new technologies such as blockchain and machine learning.

Projects at the Payment Innovation Hub will largely focus on customer experience and security, as well as exploring new models and business opportunities related to the world of payment methods.

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