MeitY Invites Applications for Fintech Innovation Challenge, Winners to Receive up to Rs 4 lakh

The Ministry of Electronics and Information Technology (MeitY) has announced the “Fintech Innovation Challenge” for implementation of concession on GST component of payments made through digital modes such as, RuPay (Debit card) and BHIM UPI. The MeitY Startup Hub has presented a problem statement for which an innovative solution needs to be invented by participants.

“Implementation of discount/cashback as a percentage of GST amount to the consumer on transactions made through RuPay (Debit card) and BHIM UPI, subject to a ceiling of Rs.100,” says the Meity website. The challenge will be conducted in three stages, which are as follows:

• In Stage-1, the focus will be on the idea and design
• Stage-2, the focus will be on detailed implementation strategy
• Stage 3 Proof of Concept (POC) to test or verify the functionality of the proposed solution

MeitY says that the solution should be proposed keeping in view the present payment ecosystem. Currently, merchants are using varied solutions for accepting digital payments with various billing options. Some of the sample scenarios prevailing in the merchant ecosystem are as follows:

• Integrated billing and payment software
• Billing software with or without POS/other digital payment acceptance mode
• POS/other digital payment acceptance mode device for payment but no billing solution
• No billing or payment solution

Who Can Take Part in the MeitY Fintech Innovation Challenge?

The Fintech Innovation Challenge is open to Indian nationals who are above 18 years of age. The open to everyone including students, individuals, groups of individuals, startups and Fintech companies. Winners will receive certificates from MeitY; Rs 1 lakh cash prize for three winners from stage 2; and Rs 3 lakh cash prize for will be given to the entries who successfully demonstrate their PoC as required by the evaluation committee. Applications for the challenge will be received until 28 February 2020. Those interested are advised to go through the official Meity website in detail for more information: https://www.meitystartuphub.in/?