Three startups have won a $100,000 prize to create a feature-phone-based digital payments solution in a challenge hosted by the National Payments Corporation of India (NPCI), CIIE.CO and the Bill and Melinda Gates Foundation.
While Gupshup won the first prize and will receive $50,000 in cash. Minkville finished second and will get $20,000. A sum of $10,000 will go to Tonetag, the second runners-up.
“We believe once feature phones are equipped with the latest technology for payments, the country would be witnessing redefined customers’ behaviour towards digital payments,” NPCI chief operating officer Praveena Rai said.
The aim of the contest was to look for the next-generation tech solution that can help feature-phone users adopt digital payments.