With the Visa Everywhere Initiative (VEI), Indian fintech companies can win up to Rs 35,00,000 and shape the future of commerce
Are you a fintech startup with an innovative solution for smooth onboarding of small merchants? Do you think your idea can help transform the B2B payments value chain digitally? Are you leveraging emerging technologies such as AI or Blockchain to easily onboard customers? Do you have any other solution that can similarly disrupt the fintech space in India?
If your answer to any of these questions is ‘yes’, then the Visa Everywhere Initiative (VEI) is the perfect platform for you to showcase these disruptive solutions for real fintech challenges. VEI is a global innovation programme that tasks startups to solve the payment challenges of tomorrow, further enhance their own product propositions and provide visionary solutions for Visa's vast network of partners.
Enabling fintechs to create the next big thing
The VEI initiative, launched in 2015 in the US, is active in North America, Latin America, Europe, Asia, the Middle East and Africa, touching 100+ countries with 6,000+ global participants. With 215 finalists and nearly 100 winners selected, it has collectively raised over $2.5+ billion in funding.
The programme now aims to foster a culture of innovation with the Indian fintech community by inviting fintech startups to provide innovative solutions for real-world challenges in the fintech industry.
“Fintechs are putting new payment experiences into the hands of consumers and businesses every day. Through VEI, we seek to empower promising Indian fintechs that aim to make a difference to the way India pays,” said TR Ramachandran, Group Country Manager for India and South Asia, Visa.
Showcase your mettle
Indian fintech startups are invited to solve challenges in the following areas:
Challenge 1: Digital issuance for driving access to payments and credit
Leverage public data infrastructure (e.g. c-KYC, digital locker, etc.) or emerging technologies (e.g. AI, IoT, Blockchain, etc.) for ease of customer onboarding to drive financial inclusion through payments and lending.
Challenge 2: Driving small merchant acceptance growth
Focus on ease of onboarding small merchants, enhanced payments’ experience at points of sale, or by providing value-added solutions to drive growth.
Challenge 3: Digitally transforming B2B payments value chain
Innovate by digitising account payables, receivables and supply chain financing for various sectors such as (but not limited to) agribusinesses, FMCGs, travel, etc.
VEI is seeking submissions from startups with innovations relevant to the Indian payments industry, can be synergised with Visa’s products, produce traction with early customers and encourage interest from external investors.
A win-win for startups, Visa and clients
“VEI initiative not only leads to higher visibility for the fintechs, but also offers them access to Visa’s assets and mentorship to drive payments and commerce in India. Through VEI, we leverage the power of fintech imagination with Visa’s global scale and innovation to solve real payment challenges in this market. Fintechs can build on our APIs to create something truly disruptive – we’ll be there with the expertise and partner networks to make it happen,” said Arvind Ronta, Head of Products for India and South Asia, Visa.
The winner of each challenge will win prize money of Rs. 7,00,000. In addition to this, the winner of the Visa Everywhere Initiative will win an additional Rs. 28,00,000, amounting to a grand prize up to Rs. 35,00,000 for the best proof of concept.
They will also receive validation from the world’s leader in digital payments and get exposure to the issuer and merchant ecosystem.
Moreover, Visa and its clients get access to the best startups in the country and a robust pipeline of solutions to business challenges that they have to offer. This will also help further a culture of innovation in the organisation.
Application timeline for VEI India 2020
The programme in India combines four stages of events – Outreach, Mentorship, Pitch Days and Finale.
Registrations opened on November 13, 2019 and close on December 25, 2019. Fintechs have to sign up to take part in any of the business challenges.
Roadshows will be held during December 2019 in four Indian cities to showcase Visa and what’s happening in the world of payments, recent VEI updates and success stories of fintechs who graduated from VEI. A major highlight of these roadshows would be a fireside chat between a Visa senior leader and a fintech stalwart.
Mumbai: December 2, 2019
Gurugram: December 3, 2019
Bengaluru: December 10, 2019
Hyderabad: December 11, 2019
Sambalpur: December 16, 2019
After signing up, you have the option to register on the Visa Developer Portal to access Visa APIs and start building solutions for the challenges and developing a proof of concept for the Pitch Days.
From December 25, 2019 to January 14, 2020, fintechs get access to in-person sessions by Visa subject matter experts to leverage technology and business-related capabilities. They will also have the opportunity to attend tech webinars and online sessions with troubleshooting assistance, guidance and tech support.
Post mentorship, the fintechs will be invited for pitching their solutions along with their proof of concept to an elite jury in four cities in India.
Mumbai: January 15-16, 2020
Bengaluru: January 22-23, 2020
Gurugram: January 29-30, 2020
Hyderabad: February 3-4, 2020
Nine finalists shortlisted from the pitch days will be announced on February 15, 2020. They will be invited for the grand finale of the Visa Everywhere Initiative to be held in the first week of March 2020 in Mumbai.
So, what are you waiting for? This is your chance to collaborate with a digital payments leader and create an impact in the fintech sector. Go ahead, apply for the Visa Everywhere Initiative. The last date to apply is December 25, 2019.