Innovation Challenges

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Seeking solutions for innovative payment systems (closed)

IPI Singapore
This challenge has closed.
Tags: Singapore, RIE Industry Day, Payment systems, Payment system platform, Innovation
Audience: Students, Researchers, Start-Ups, Businesses, Subject Matter Experts, Other
Anticipated Funding: TBC
Applications close: June 30, 2019
Last Updated: June 30, 2019 10:46 PM
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The Challenge

This company provides transportation services, and payments on board could come in the form of cash or cashless (credit/debit cards, e-wallets, NETS, QR codes, etc.), which would require a payment terminal to facilitate the transaction. Each payment terminal is connected to a data terminal, which provides the required internet connectivity (e.g. via 3G network), for transactions to pass through. However, there could be occasions where network connectivity is limited, e.g. at locations surrounded by high rise buildings, in underground carparks, etc., which could lead to failed transactions.

The company is thus seeking solutions for innovative payment systems that will be suitable for use on board vehicles to enable cashless transactions. Proposed solution should be a versatile payment system platform that provides hassle-free cashless transactions for both commuters and drivers.

Technical Specifications

The solution should be able to (but not limited to):

  • Facilitate electronic payment transactions from vehicles via available wireless network infrastructure
  • Accept various cashless payment modes, such as credit/debit card – both magnetic stripe and contactless, e-wallets, NETS, QR codes, etc.
  • Enable logging of trip information to the cloud and perform electronic payments with minimal customised hardware and using off-the-shelf hardware where available
  • Offer innovative solution to enable payment transaction in the event of connectivity issues

Eligibility Criteria

The Event is open to global and Singapore-based research providers, students, or companies (start-ups, SMEs or larger companies).

We recommend that you consider the Technology Readiness Level that Problem Owners are seeking for when submitting solutions, as well as whether there is any requirement for selected applicants to have a physical presence in Singapore.

Global applicants must be prepared to bear any travel cost, be it for the face-to-face meeting on RIE Industry Day 2019, or for subsequent follow-up meetings. Subject to the approval of the Problem Owner, a teleconference meeting can be set up between the Problem Owner and shortlisted Solver for the first meeting.

Terms and Conditions

For complete details on the terms and conditions that govern the challenge please refer to the website.

How to Apply

To submit an application to the challenge please refer to the website.

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