- Case study NPCI (National Payments Corporation of India)
APIX helps NPCI revolutionise payment authentication: redefining Digital Payments in India and Beyond
- Fintech participants 550
- Countries participants were from40
- Proposals submitted108
- Final solutions8
About Company
Digital Payment Provider | India | Use Case | APIX Hackathon with Sandbox
The National Payments Corporation of India (NPCI), an umbrella organisation for operating retail payments and settlement systems in India, is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India. It was created by RBI for operating retail payments and settlement systems in India.
The Opportunity
How can NPCI revolutionise authentication for digital transactions and find innovative solutions, in a rapidly evolving digital payments landscape?
In a digital payments landscape advancing at an unprecedented pace, NPCI faced a key challenge in enhancing the PIN authentication process for digital transactions. With India's Unified Payments Interface (UPI) at the forefront of the global digital payments ecosystem, NPCI aimed to explore innovative ways of authentication while also tapping into the global market for potential solutions. Their journey led them to APIX.
The Solution
Elevating NPCI’s Innovations with APIX Platform
The APIX platform emerged as the answer to NPCI's challenge. NPCI launched a global hackathon ‘NPCI PayAuth Challenge’ on the platform.
For this hackathon, NPCI was looking to find innovative minds to come up with unique solutions for alternatives for authorising UPI transactions through user friendly options.
The hackathon had the following problem statement: Digital bank in a box, Payments/Remittances, Payment Processing
Identify alternative solutions for payment authentication and authorisation in UPI to provide a more secure user friendly way for users to transact.
APIX’s capabilities that helped address the opportunity:
Hackathons with a global reach APIX facilitated hackathons where NPCI, acting as a government-backed digital payment provider, could leverage the collective power of over 1,800 registered fintechs. A remarkable 550 fintechs from 40 countries participated, each contributing diverse ideas to address NPCI's authentication challenge.
Automated proposal submission process With the help of APIX’s end-to-end innovation platform, NPCI was able to customise their proposal question and leverage proposal submission process in a streamlined manner. From the pool of 550, the payments provider quickly shortlisted to 108 fintechs based on detailed proposals.
Accelerated solution identification with Sandbox With APIX's support, NPCI efficiently narrowed it down further to 10 fintechs that were invited to the APIX Sandbox. Based on the solutions coded on APIX Sandbox, the winners were then invited to start industry testing. The typical lengthy process of verifying fintech solutions for regulators and financial institutions was accelerated by APIX's secure sandbox environment. By facilitating background verification, the regulator and financial institutions could move swiftly in identifying the right solution, bypassing the typical 1-2 year timeframe.
The Impact
Expanded cross-border reach APIX's contribution went beyond merely solving the authentication challenge; it fundamentally altered the way NPCI engaged with global fintech innovation, propelling NPCI's mission to remain at the forefront of digital payments.
The power of collaborative partnerships APIX emerged as the catalyst that fuelled NPCI's journey from a localised challenge to a globally resonating solution.
Reducing time-to-market By harnessing APIX's collaborative ecosystem, NPCI not only addressed their authentication challenge but also accelerated their go-to-market strategy.
In a world where digital payments evolve daily, APIX proved its mettle as the bridge connecting fintech innovators, regulators, and institutions, revolutionising how challenges are met and solutions are discovered, making discovery a delightful experience for the giant payments provider.
“We look forward to some state-of-the-art solutions from creative and inventive minds… providing an all-new dimension to the UPI platform in terms of security and user-friendliness.”
