Reported by: banking|Updated: February 15, 2021
National Payments Corporation of India (NPCI) has launched a global Hackathon – ‘NPCI PayAuth Challenge’ – to find alternatives for authorizing UPI transactions through options like biometrics. The hackathon, supported by the world’s first cross-border, open architecture API marketplace and sandbox platform APIX, will help develop risk-based user authentication and user-friendly transaction authorization for millions of UPI users. NPCI PayAuth Challenge strives to explore the feasibility of alternative payment authentication mechanisms and the consequent user behaviour towards such authentication mechanisms. It intends to find alternate solutions for authorizing payments on the UPI platform. It will be an open global contest for individuals and enterprises offering technology solutions in payments especially suited for startups with ready solutions that can be piloted with limited additional development and integration efforts. Registration for the Hackathon has begun as this creates the opportunity for the innovative minds to come up with a path-breaking solution for alternatives for authorizing UPI transactions through user friendly options. NPCI said the solutions should be UPI integrated which can showcase end-to-end onboarding of customers and authorization of transactions, along with providing parameters to enable risk scoring of users and transactions. The winner will be given prize money of $20,000, the runner up $10,000 and selected winning teams getting an opportunity to work on a Proof of Concept (PoC) with NPCI.