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LO Up


NPCI unveils Global Hackathon to find alternatives for payments on UPI

By VARINDIA - 2021-02-10

NPCI unveils Global Hackathon to find alternatives for payments on UPI

National Payments Corporation of India (NPCI) announced the launch of a Global level Hackathon - ‘NPCI PayAuth Challenge’, to find solution for alternatives for authorising UPI (Unified Payments Interface) transaction through options like Biometrics. The challenge is being supported by the world's first cross-border, open architecture API marketplace and sandbox platform – APIX, will provide risk based user authentication and user friendly transaction authorisation for millions of UPI users.

 

The challenge aims to identify alternative solutions around payment authentication methods in UPIFor this Hackathon, NPCI invites innovative minds to come up with unique solutions for alternatives for authorizing UPI transactions through user friendly optionsNPCI PayAuth Challenge is supported by APIX -world's first cross-border, open architecture API marketplace and sandbox platformRegistrations have begun for this challenge with last date of proposal submission being February 28, 2021.

 

This challenge seeks to encourage Fintechs, solution providers and developers to submit unique solutions that simplify authorisation with the integration of their innovative technology into UPI - which is a unique payment system through which customers can link their bank account to a mobile application and make easy, safe and instant money transfers, online shopping, paying bills and so on. NPCI PayAuth Challenge is an open global contest for individuals and enterprises offering technology solutions in payments especially suited for startups with ready solutions that can be piloted with limited additional development and integration efforts.

 

It further says, the solutions should be UPI integrated which can showcase end-to-end onboarding of customers and authorisation of transactions, along with providing parameters to enable risk scoring of users and transactions. The challenge gives participants a chance to work with NPCI for developing a solution which will change the Digital Payments landscape in India as well as abroad and win a prize money of USD 20,000. The runner-up will receive USD 10,000, while other winning teams get an opportunity to work on a Proof of Concept (PoC) with NPCI.


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