Sambalpur- Visa (NYSE: V), the global leader in payments technology, announced the launch of its flagship program Visa Everywhere Initiative (VEI) in Sambalpur. 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.
Participating fintechs from Sambalpur, both startups and later-stage, will work on themes that address the roadblocks to higher adoption of digital payments in India. The themes for the Visa Everywhere Initiative (VEI) India 2020 include driving digital issuance for access to payments and credit, increasing small merchant acceptance and digitally transforming B2B payments value chain. Visa has also organized roadshows in Mumbai, Gurugram, Bengaluru and Hyderabad to connect with the fintech community. More than 230 fintechs from across the country have registered so far for the program.
Arvind Ronta, Head of Products for India & South Asia, Visa said, “We are excited to host the VEI India 2020 program in Sambalpur. The initiative will not only lead to higher visibility for the fin techs here but will offer them access to Visa’s assets and mentor ship to drive payments and commerce in the country.”
The VEI program offers fintechs a chance to be mentored by experts from Visa. Shortlisted fintechs will get to showcase their proposed solutions to an expert panel in March 2020, based on which the winners for a prize money of Rs. 35 lakhs will be announced.
While VEI has been launched in India this year, it has witnessed participation from 6000+ startups since its inception in US in 2015. These startups 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.