India’s umbrella organisation 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 UPI transactions. One such alternative options is the use of biometric while making transactions.
Points To Note
- National Payments Corporation of India PayAuth Challenge hackathon is supported by APIX.
- APIX is the first cross-border and open architecture API ( Application Programming Interface) 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.
- NPCI PayAuth Challenge 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 Unified Payments Interface 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 Unified Payments Interface.
- 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.
What is the Prize Money?
The hackathon also provides participants an opportunity to work with National Payments Corporation of India to develop a solution that could change the Digital Payments landscape in India. It has kept a prize money of US$ 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 with NPCI.
National Payments Corporation of India
It is a non-profit organisation (NPO). It operates the retail payments and settlement systems in India. It was established in 2008 by the RBI and Indian Banks’ Association. It is registered under Section 8 of the Companies Act of 2013.
NPCI launched PayAuth Challenge NPCI launched PayAuth Challenge