India’s latest entrant to the financial services segment, realme Pay, announced the launch of its UPI Hackathon, in association with industry leaders like NPCI and HDFC Bank. These leading organisations will judge the most promising UPI solution in a finale to be held in Mumbai on 11th May, 2020. The winner and the runner-up of the hackathon will have their innovative solutions implemented for realme Pay and win INR 10 lakh and 5 lakh respectively.
realme Payसा has gone ahead to ensure that they fulfill the promise of co-creating products with customers to bring solutions to solve their actual needs. Before entering the UPI business, they are studying the market to answer the question: “How to get the next 500 million users to start using UPI?” The fast-growing and full-stack financial services provider will be offering mentoring and doubt-clearing webinars and physical sessions in select cities for a period extending up to a month for all the participants. Top selected finalists will also be entitled to a dedicated tech resource to help them hone their skills and come up with a polished and innovative solution.
Commenting on the hackathon, Mr. Arif Khan, CDO at NPCI, added, “At NPCI we have always worked towards expanding the ecosystem and reaching out to all segments. Along with realme Payसा & HDFC Bank, we invite India’s most creative technocrats, start-ups, students to create new experiences and solve different set of use cases on UPI solutions.”
Echoing a similar thought, Mr. Madhav Sheth, CEO – realme India, said, “With realme Payसा, we have dared to leap and mark our foray into digitally-backed, quick and seamless access to financial services. We are studying UPI and as a part of internal assessment we want to understand what the need of our customers in UPI payments is. With this UPI Hackathon, we invite India’s brilliant and talented developers to leap beyond the ordinary & innovate to make UPI a solution everyone in Bharat would use. ”
Phase one of the hackathon comprises registration. Idea submissions commence on 10th Feb, going up to 10th Mar. The shortlisted winners will be announced by 15th Mar. Phase two will commence from 15th Mar to 5th April, following which, the hackathon will have its top 5 finalists announced on 9th April. The last phase involving prototype development will be held between 9th April and 11th May. The last day, i.e. 11th May, will witness the grand finale of the hackathon, with eminent personalities in the Indian financial services sector hailing from the teams of realme Pay, NPCI, and HDFC Bank, will judge the winner and the runner-up of the UPI Hackathon.
The hackathon is open to any aspiring entrepreneurs, students, employees of large companies or payment companies, coders and start-ups. realme Pay will also be associating with Hackerearth Community and Dare2compete Network to spread the word and accept registrations. NPCI and HDFC Bank will also be promoting the hackathon through their respective channels.
