Global card payment network, Visa, has recently announced the launch of Visa Everywhere Initiative (VEI) in India, an innovation programme to find fintech startups offering cutting-edge technology solutions to solve digital payment challenges existing in the market.
The interested fintech startups can take part in VEI by sending an application for the Visa Everywhere Initiative anytime from November 13, 2019 to December 25, 2019. The participating startups will get a chance to take part in roadshows in Mumbai, Bengaluru, New Delhi, Sambalpur and Hyderabad and get a chance to be mentored by the experts from Visa.
Furthermore, the shortlisted fintech startups will have the opportunity to showcase their proposed solutions to an expert panel on March 2020, based on which the winner will be announced.
The fintech startups, enrolling for the program, will have to work on themes that address the roadblocks in higher adoption of digital payments in India. These might range from growing digital payment awareness and usage beyond metros to increasing access to credit or scaling commercial payments.
In a press statement, TR Ramachandran, the group country manager for India and South Asia, Visa, said that India has the highest global fintech adoption rate in the world, and startups here are putting new payment experiences into the hands of consumers and businesses every day. He believes that through VEI, Visa will be able to empower the promising Indian fintech ecosystem that aims at making a difference in the way India pays.
The VEI program was launched in the US in 2015 and later was extended to 100 countries. More than 6000+ startups have participated in the programme till date and have collectively raised over $2.5 Bn in funding.
As per Datalabs report by Inc42, the fintech sector has raised $6.97 Bn by 2707 Indian fintech startups across 453 deals from 2014-2018, wherein the maximum $3.3 Bn came in 2017. Notably, the fintech space has more unicorns than any other sector and includes names like Paytm, PolicyBazzar, PineLabs, PhonePe and more.
According to NASSCOM-KPMG report, the total fintech software and service market in India were around $8 Bn in 2016 and likely to grow 1.7 times by 2020. The transaction value for the Indian fintech sector was approximately $33 Bn in 2016 and slated to reach $73 Bn in 2020 growing at a 5-year compound annual growth rate (CAGR) of 22%.