Global Hackathon: NPCI PayAuth Challenge
The National Payments Corporation of India (NPCI) has announced to launch ‘NPCI PayAuth Challenge’. It is a global-level hackathon that will be organised to get the alternatives of the authentication of Unified Payments Interface (UPI) transactions. One such alternative options is the use of biometric while making transactions.
- NPCI PayAuth Challenge hackathon is supported by APIX.
- APIX is the first cross-border and open architecture API marketplace of the world besides being a sandbox platform.
- Sandbox platform is used to test or run the programs without impacting the application for which the test is being conducted.
NPCI PayAuth Challenge
- This hackathon is being organised with the objective of exploring the feasibility of alternative payment authentication mechanisms.
- It also seeks to study about the user behaviour towards the authentication mechanisms.
- The motive is to find the alternate solutions such as Biometric verification and similar innovations in order to authorise the payments on the UPI platform.
- To explore the options, the NPCI have invited the Fintech, solution providers and developers to submit their unique solutions. The solution should be simple and should integrate the innovative technology into UPI.
- The hackathon will be a global contest for individuals and enterprises. It will offer the technology solutions in payments which are especially suited for start-ups.
The hackathon also provides participants an opportunity to work with NPCI to develop a solution that could change the Digital Payments landscape in India. It has kept a prize money of $20,000 for the winner and the runner up of the challenge will get $10,000. Apart from that, the other winning teams will be getting the opportunity to work on a Proof of Concept (PoC) with NPCI.
National Payments Corporation of India (NPCI)
NPCI is a not-for-profit organisation. It operates the retail payments and settlement systems in India. It was established in 2008 by the Reserve Bank of India and Indian Banks’ Association. It is registered under Section 8 of the Companies Act, 2013.
Category: Economy & Banking Current Affairs