American payments major Visa has introduced its global innovation programme in India to address digital payment challenges.
Called the Visa Everywhere Initiative (VEI), the programme will look to develop new solutions to address digital payment challenges by collaborating with local fintech firms.
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The collaboration will also enable fintechs to improve their product propositions and offer payment solutions to Visa partners.
Additionally, the participants will also identify and address major roadblocks hindering digital payment adoption in India. It will also strive to raise awareness outside metro cities and facilitate access to credit and payment services.
Visa group country manager for India & South Asia TR Ramachandran said: “India has the second highest global fintech adoption rate in the world.
“Fintechs are putting new payment experiences into the hands of consumers and businesses every day. Through the Visa Everywhere Initiative, we seek to empower promising Indian fintechs that aim to make a difference to the way India pays.”
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By GlobalDataEligible start-ups can submit applications for VEI programme till 25 December 2019. Shortlisted fintechs will be asked to demonstrate their proposed solutions to an expert panel, following which the winners will be selected.
Since its introduction in 2015, the VEI programme in has touched more than 100 countries.
The platform includes more than 6000 participants which have raised over $2.5bn in funding.
Recently, Visa acquired a minority stake in Nigerian fintech Interswitch making it the most valuable fintech in Africa. The acquisition is expected to support digital payments adoption in Africa.
