Solve the global food crisis, win $1 million

In developing countries, small vendors often can't make the correct change after purchases. In India, for example, the absence of small denominations of change is a common problem, which often results in shoppers getting their change back in the form of chocolate or candy.

Pulse developed an SMS-based system that allows vendors in urban slums to return change in form of Pulse "credit" via a text. The money isbeing redeemable at any food vendor on the Pulse network. The vendor also receives a 2% fee on the the change "deposited" in customers' accounts.

"This helps households who don't have access to credit cards to develop a safety net for their money to buy food in the future," said Saul Minkoff, Pulse's team leader.