Visa Everywhere Initiative launched in India
• A global innovation program that tasks fintechs to solve the payment and commerce challenges of tomorrow
• ‘Visa Everywhere Initiative – Inspiring Indian Fintech’ will enhance Fintech propositions and provide solutions for Visa’s vast network of partners
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 rate1 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.
For more information, visit Visa Everywhere Initiative.
1 Global adoption of Fintech solution is at 33%; India ranks second with 52% adoption only behind China at 69% (Source: EY Fintech Adoption Index 2017)
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.