Digital transactions in the
country have grown tremendously in the past few years. However, half the
population of the country cannot take advantage of UPI transactions through
smartphones due to feature phones. For this reason, those who have a feature
phone can also get the benefit of digital transactions. For this, the National
Payments Corporation of India (NPCI) holds an open challenge to develop a
payment solution to help people who have feature phones in India. NPCI has
partnered with CIIE.CO and the Bill & Melinda Gates Foundation on an
Innovative Competition for this.
Global Competition Announcement
NPCI has announced a Global
Competition to prepare feature phone payment solutions. In which both the
company and the private can participate. Winners will be selected by this
challenge. The first winner will get a reward of $ 50,000 (Rs 35 lakh) and the
opportunity to develop a payment solution together with NPCI. The second winner
will receive a prize of $ 3000 (Rs. 21 lakhs). So, the third winner will get a
prize of $ 20,000 (Rs 14 lakh).
NPCI has asked developers to
apply for this challenge. The deadline to apply is January 12, 2020.
Only Online Applications
Accepted
Only applications from the
online process will be accepted. The best solution for CIIE.CO and NPCI will be
shortlisted. So that further development can be done. According to the NPCI
website, those startups will be shortlisted. It will be further developed.
Startups that will be shortlisted will get access to the NPCI API, according to
the NPCI website. So that he can understand the technical requirements and make
his solutions worthwhile.
Selected startups will go
Mumbai Selected startups willbe invited to a program in Mumbai on February 11,
2020. During the program, the three winners will have the opportunity to meet
CIIE.CO's team. CIIE.CO winners will also have the opportunity to meet with
other investors.
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