National Payments Corporation of India (NPCI) launched a Global level Hackathon ‘NPCI PayAuth Challenge’, to find out the alternatives for the authentication of UPI (Unified Payments Interface) transaction for eg: Biometric. This Challenge is supported by APIX, world’s first cross-border, open architecture API marketplace and sandbox platform.
- The Challenge is an open for global Fintechs, solution providers and developers and can submit unique solutions that simplify authorization.
- UPI 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.
Aim: To explore the feasibility of alternative payment authentication methods in UPI
Key Points:
–The mandate for the challenge is that the solutions should be UPI integrated which can showcase end-to-end onboarding of customers and authorization of transactions.
–The challenge gives participants a chance to work with NPCI for developing a solution and win a prize money of USD20,000. The runner up will receive USD10,000 with other winning teams get an opportunity to work on a Proof of Concept (PoC) with NPCI.
–Interested participants can log in to https://hackolosseum.apixplatform.com/hackathon/npcipayauth for registering themselves and submit their proposals by February 28, 2021.
Recent Related News:
i.India’s largest Hyperlocal fintech startup, PayNearby Technologies Pvt. Ltd., in collaboration with YES Bank and NPCI launched the “PayNearby shopping card” powered by RuPay for its retail partners to provide maximum benefits of e-commerce in a risk-free mode over mass market category.
ii.NPCI has completed private placement of 4.63% of its equity shares worth Rs 81.64 crores. This placement has enabled small finance and payment banks, as well as fintechs to be its shareholders up to 0.44%. With this placement, now the total shareholder entities for NPCI stand at 67.
About National Payments Corporation of India (NPCI):
It is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007.
Establishment– 2008
Managing Director (MD) and Chief Executive Officer (CEO)– Dilip Asbe
Headquarter– Mumbai, Maharashtra
