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Visa launches fintech companies incubator VEI in India

Visa launches fintech companies incubator VEI in India
Photo Credit: 123RF.com

Global payments technology company Visa launched its Visa Everywhere Initiative (VEI) in India on Wednesday.

The initiative will help fintech companies produce solutions to address digital payment challenges, enhance their product propositions and provide payment solutions for Visa’s vast network of partners, the statement said.

Fintech companies in the program, both startups and later-stage, will address the pain points in the adoption of digital payments in India, the NYSE-listed company added. The themes in the programme range from growing digital payment awareness and usage beyond metros to increasing access to credit or scaling commercial payments.

“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,” TR Ramachandran, group country manager for India  and South Asia at Visa said.

China drives the global adoption of fintech solutions, according to a report FinTech Adoption Index 2017 by accounting major Ernst & Young. India is the second-largest market in this space. Visa’s assets and mentorship through VEI is expected to further boost digital payments and commerce in India.

Having first launched in 2015 in the United States, VEI claims to have supported over 6,000 startups that have collectively raised over $2.5 billion in funding, with more than 215 finalists and nearly 100 winners globally, the company claimed.

Visa will be accepting applications for the Visa Everywhere Initiative from eligible startups starting November 13, 2019 until December 25, 2019. Shortlisted fintechs will present their proposals to an expert panel in March, based on which the winners will be announced.

VEI will also conduct  roadshows across the cities of Mumbai, Bengaluru, New Delhi, Sambalpur and Hyderabad from December 2 to December 11, 2019, the announcement added.

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