National Payments Corporation of India (NPCI) has launched a global-level hackathon challenge titled ‘NPCI PayAuth Challenge’ to find alternatives for the authentication of Unified Payments Interface (UPI) transactions.
This hackathon has been launched in partnership with APIX, world’s first cross-border, open architecture API marketplace and sandbox platform. A sandbox platform is used to test or run programmes without having any impact on the application for which the test is being conducted.
“NPCI PayAuth Challenge strives to explore the feasibility of alternative payment authentication mechanisms and the consequent user behaviour towards such authentication mechanisms,” said NPCI, in its official communiqué.
Fintechs, solution providers and developers can participate in the challenge and submit their solutions, which should be unique, to simplify authorization and integrate the innovative technology into UPI.
Registration for the challenge has already started. The solutions offered by the participants, during the challenge, should showcase end-to-end procedure of the transaction.
As per the official communiqué, the participants get a chance to work with NPCI for developing a solution and win a change Digital Payments landscape in India as well as abroad and win a prize money of $20,000.
The runner up of the challenge will be receiving $10,000 while the other winning teams will get the opportunity to work on a Proof of Concept (PoC) with NPCI.
“Fintechs play a pivotal role in cementing the foundation of the dynamic, ever-evolving digital payments industry. We are confident that this journey will culminate in the incubation of promising ideas full of potential and reach the apogee of success simultaneously empowering talented Fintechs with the right kind of mentorship, expertise and resources,”said Arif Khan, chief digital officer of NPCI.