Visa (NYSE: V), the global leader in payments technology, announced the launch of the Visa Everywhere Initiative (VEI) in India today. VEI is a leading global innovation program for identifying and collaborating with fintechs to produce cutting-edge solutions to digital payment challenges, in addition to enhancing their product propositions and providing visionary payment solutions for Visa’s vast network of partners.
The fintechs, both startups and later-stage, enrolling for the program will work on themes that address the roadblocks to higher adoption of digital payments in India. These range from growing digital payment awareness and usage beyond metros to increasing access to credit or scaling commercial payments.
TR Ramachandran, Group Country Manager for India & South Asia, Visa 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.
Payment innovation in India is accelerating at breakneck speed and we believe that providing a platform to, and collaborating with, fintechs through the VEI will help bring solutions to the market that enhance the consumer and merchant payment experiences of tomorrow.”
Visa will be accepting applications for the Visa Everywhere Initiative from eligible startups starting November 13, 2019 until December 25, 2019. Besides engaging with fintechs through roadshows in Mumbai, Bengaluru, New Delhi, Sambalpur and Hyderabad from December 2 to December 11, 2019, the program gives fintechs a chance to be mentored by experts from Visa. Shortlisted fintechs will have the opportunity to showcase their proposed solutions to an expert panel in March, based on which the winners will be announced.
Arvind Ronta, Head of Products for India & South Asia, Visa said, “We are excited to kickstart the VEI 2019 program in India. The 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.”
Since its inception in the US in 2015, VEI has expanded into a global platform with more than 6000+ participating startups, that have collectively raised over $2.5+ billion in funding, with more than 215 finalists and nearly 100 winners. The program has been rolled out in North America, Latin America, Europe, Asia, Middle East and Africa, touching over 100 countries.