The National Payment Corporation of India (NPCI) announced that it will launch the "NPCI PayAuth Challenge". This is a global hackathon that will be organized to obtain an alternative method of unified payment interface (UPI) transaction authentication. One such alternative is to use biometrics when conducting transactions.
Highlights:
♦ The sandbox platform is used to test or run programs without affecting the application under test.
♦ The purpose of this hackathon is to explore the feasibility of alternative payment authentication mechanisms.
♦ It also attempts to study user behavior related to authentication mechanisms.
♦ The aim is to find alternative solutions such as biometric verification and similar innovations to authorize payments on the UPI platform. To explore options, NPCI invited fintech, solution providers and developers to submit their unique solutions. The solution should be simple and integrate innovative technologies into UPI.
♦ The hackathon will be a global competition for individuals and businesses. It will provide payment technology solutions particularly suitable for start-ups.
♦ The hackathon also provides participants with the opportunity to collaborate with NPCI to develop a solution that may change the digital payment landscape in India. It reserves $20,000 in prize money for the winner, and the runner-up of the challenge will receive $10,000. In addition, other winning teams will have the opportunity to cooperate with NPCI for proof of concept (PoC).
♦ The National Payment Corporation of India (NPCI) is a non-profit organization. It operates a retail payment and settlement system in India. It was established in 2008 by the Reserve Bank of India and the Indian Banking Association. Registered in accordance with Article 8 of the 2013 Company Law.
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