PhonePe announced that NITI Aayog in partnership with its platform will be hosting the first-ever open-to-all hackathon that aims to showcase solutions for the fintech ecosystem. The Hackathon will give an opportunity for innovators, digital creators and developers from all over India to think, ideate and code. Winning teams stand to win cash prizes of Rs 5 lakhs, PhonePe said in a statement.

Participants at the hackathon need to use any open-data APIs like PhonePe Pulse together with frameworks like Account Aggregator as a foundation to power the use cases, innovative products that use the power data signals for different demographics and geos for broader adoption of financial services, improved visualisation and derived intelligence based on the digital payments data.

Participating teams can have up to five participants. They can use data sources like PhonePe Pulse, the Open Government Data Platform and RBI reports on payments to build their submission. They can also access any other open data platforms like Setu AA Sandbox or the Setu Payments Sandbox to develop their hacks. By the end of the event, participants will be required to present a working prototype of their hack to the judges.