Technology

PhonePe, NITI Aayog group up to start fintech open hackathon

PhonePe NITI Aayog team up to launch fintech open hackathon

Primary digital payments platform PhonePe on Thursday introduced that NITI Aayog, in affiliation with the system, will be internet hosting the first-ever open-to-all hackathon that aims to showcase path-breaking remedies for the fintech ecosystem.

The Hackathon will provide an option for innovators, digital creators and developers from all above India to imagine, ideate and code.

Winning groups stand to win enjoyable hard cash prizes worthy of Rs 5 lakhs, the platform claimed in a statement.

Members at the hackathon will need to use any open-details APIs like PhonePe Pulse along with frameworks these types of as Account Aggregator as a foundation to ability the use cases, these kinds of as alternate chance models for lending, insurance plan or investments with a concentrate on economic inclusion impressive solutions that use the ability facts indicators for numerous demographics and geos for broader adoption of fiscal products and services improved visualisation and derived intelligence primarily based on the digital payments information.

Participating groups can have a single or up to five individuals. They can use details resources like PhonePe Pulse, the Open Govt Information Platform and RBI reports on payments to make on their submission.

In addition, they can accessibility any other open facts platforms that they are knowledgeable of together with the Setu AA Sandbox or the Setu Payments Sandbox to acquire their hacks. By the conclude of the party, contributors will be needed to current a working prototype of their hack to the judges, put up which every single hack will be judged based mostly on sure parameters.

While the judges contemplate the hacks, they may well question for additional details on the prototypes.

The profitable workforce will be awarded Rs 1,50,000. Two teams, in 2nd and third sites, will win Rs 1 lakh and Rs 75,000, respectively.

Even so, PhonePe described that judges could determine to award much less or far more prizes based on the hacks submitted.

The final day to sign up for the function is February 23 and the deadline to post the final entries is February 25 by midday.

There will be a reside AMA on February 21 at 4:00 PM to answer any queries the participants could have about the Hackathon. The winners of the Hackathon will be introduced on February 28.

The NITI Aayog fintech month commenced on February 7 and the week witnessed some considered-provoking keynotes, in-depth fireside chats, and panel discussions.

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