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RBI's Global Hackathon 2023: Indian FinTechs dominate winners with innovative apps

October 13, 2023

RBI's Global Hackathon 2023: Indian FinTechs dominate winners with innovative apps
The Reserve Bank of India (RBI) has revealed the winners of its Global Hackathon 2023, themed ‘Inclusive Digital Service’. The competition witnessed a remarkable turnout, attracting 154 proposals from both domestic and international teams. Indian participants shone brightly, clinching top spots by offering innovative FinTech solutions that cater to diverse needs.

Ezetap Mobile Solutions Pvt Ltd, now under Razorpay, emerged victorious in the ‘Innovative, easy-to-use, digital banking services for differently-abled (Divyaang)’ category. Their winning creation, DrishtiPay, revolutionizes transactions for the visually impaired. By simply tapping their card or NFC-enabled phone, users can securely provide OTP, eliminating the struggle of entering a PIN. Additionally, the solution integrates seamlessly with UPI apps, enabling effortless UPI payments.

PoSMirror, another Indian entry, secured a joint runner-up position. Their ingenious application empowers visually impaired individuals to independently operate Point of Sale (PoS) devices. Utilizing AI, the app guides users to enter their PIN on a Braille-enabled add-on screen, enhancing their self-sufficiency in transactions.

SL Avatar, also a joint runner-up, presented a solution focusing on inclusivity. Their creation translates speech and text into sign language and vice versa, ensuring accessibility across digital banking platforms. This innovation covers various touchpoints like Video KYC, Customer Support, Mobile and Video Banking, as well as educational resources.

The RBI’s global hackathon not only celebrated technological prowess but also showcased India’s commitment to inclusive digital services, setting a significant benchmark for the future of FinTech. 

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