Visa Everywhere Initiative (VEI) is a global innovation program where start-ups aim to solve payment challenges of tomorrow and enhance their product propositions to provide visionary solutions for Visa's vast network of partners.
India has over 60 million small businesses (1
) but only 5 million card acceptance points as of May 2020 (as per RBI data) (2). The Reserve Bank of India in their Payment and Settlement Systems in India: Vision – 2019-2021 aims that the total card acceptance infrastructure will be upscaled to six times by end 2021 (3).
To manifest the regulator’s vision of growth of acceptance infrastructure, the three finalists in this challenge will present their solutions to drive small merchant acceptance growth in India. They will be evaluated based on their 10-minute pitch to a jury comprising of:
The first finalist, One Wallet builds billing solutions for vendors who supply newspaper, milk, etc. to households processing payments currently in cash. The second finalist PaySwiff provides end-to-end omni-channel electronic payment acceptance solutions to banks, SMEs and enterprise merchants. The third fintech SpiderG is a payment collection and disbursement app for micro businesses that face issues of receivables collection, tracking incoming and outgoing cash & reconciliations.
The winner of this challenge will be chosen based on their solution’s clarity and scalability to solve the acceptance problem of India, winning a prize money of Rs. 7,00,000 for their innovative solution.
This is a partnered post.
2 RBI Data