The National Payment Corporation of India (NPCI) has launched the world-class hackathon ‘NPCI Payout Challenge’ to suggest new solutions through options such as biometrics for authorization of Unified Payment Interface (UPI) transactions. The challenge is being organized in collaboration with APIX, the world’s first cross border open architecture API marketplace and sandbox platform. Through this, risk based user authentication and easy-to-use transaction authorization will be available for millions of UPI users.
The NPCI PayOut Challenge will explore the utility of alternative payment authentication mechanisms and the potential for users’ behavior towards such alternative mechanisms. It will explore the possibilities of biometric verification and other similar innovations as alternative measures for authorization of payments on the UPI platform.
Through this challenge, Fintex, solution providers and developers will be inspired to deliver unique solutions that simplify authentication by combining their unique technology in UPI, as UPI is a unique payment system through which customers can access their bank accounts Connect with a mobile application and can make easy, secure and instant money transfer, online shopping, paying bills etc.
The NPCI PayOut Challenge is an open global competition, which can be competed at the individual level or in the form of companies providing technical solutions in payments. In particular, startups whose solutions are ready and can be run as pilot projects here with limited additional development and integration. This is a great opportunity for them. Registration for Hackathon has started, as it is a platform where people who have new ideas about innovation can suggest their unique options for simple UPI authorization.
Solutions coming here should be UPI integrated, which can authorize end-to-end onboarding and transactions of customers. Also, to provide parameters of risk scoring of users and transactions. Through this challenge, participants will get the opportunity to create a solution that will change the landscape of digital payments in India and the world in collaboration with NPCI. With this, the winner will get US $ 20,000, the runner-up will get a prize of US $ 10,000. Apart from this, other winning teams will get a chance to work on Proof of Concept (POC) with NPCI.
NFCI Chief Digital Officer Arif Khan said that we are proud to launch the NPCI PayOth Challenge. It is being organized in association with APIX. He said that we are confident that this challenge is one more step towards giving a firm commitment to people who constantly think about innovation and this will enable them to fulfill their dreams fast. We are hoping to get some state-of-the-art solutions from creative and innovative participants, which can give a new dimension to security and ease of users on the UPI platform.
Fintex has played a key role in laying a strong foundation for a constantly evolving digital payment industry. We are confident that this journey will be successful in bringing out good and promising ideas. In addition, talented fintechs will get the right mentoring expertise and resources.
AFIN’s board director Paulgwi said that the hackathon, organized to find solutions for authentication and authorization NPCI for users, is being supported by APIX. It is an honor for APIX that it is supporting the NPCI Payout Challenge and we are very happy to be their partners in this journey of empowerment of the fintech community.
Participants wishing to participate in this can login by
https://hackolosseum.apixplatform.com/hackathon/npcipayauth till 28 February 2021 for registration and sending their offers. NPCI follows the Helix Principle for innovations by organizing hackathons, audiothons, grand challenges, API accelerator programs, etc. to empower the start up community. Earlier NPCI organized NPCI Hackathon and Grand Challenge to provide solutions on feature phones, proximity payments, NETC systems etc.
Recently NPCI has set up an Innovation Lab-TexNet Hub, which is located at T-Hub in Hyderabad. Through this, the start-ups have access to the latest technologies of digital payments. It is also successfully conducting FinTech Yatra every year. This is an initiative through which the challenges faced by India’s fintech companies are identified and efforts are made to develop them in India.
