Razorpay POS Wins Very first Prize at RBI's International Hackathon for 'DrishtiPay', Which Facilitates Ease-to-Use Digital Payments For Visually-Impaired
Razorpay, India’s Primary Complete-Stack Payments, and Banking System for Corporations has secured the leading spot at the RBI’s 2nd World Hackathon – ‘HaRBInger 2023‘ for its remarkable product or service, ‘DrishtiPay‘, which facilitates simple-to-use, innovative Card and UPI payments for the visually impaired.
Shri T. Rabi Sankar – Deputy Governor, Reserve Bank of India (in the middle) presenting the award to the Razorpay POS team
Made by Razorpay’s POS Team (previously regarded as Ezetap), the alternative ‘DrishtiPay‘ integrates with UPI apps and playing cards, to aid electronic payments for the visually impaired. DrishtiPay operates seamlessly with function phones, even in the absence of an world wide web connection, in scenario of card transactions. With a tap of a card or by way of an NFC-enabled cellphone, it makes it possible for visually impaired customers to give OTP securely for transacting in its place of struggling to enter a PIN. DrishtiPay is intended to add to the relieve and accessibility of money companies when bringing performance and inclusion. The prestigious award was introduced by Shri T. Rabi Sankar, Deputy Governor of the Reserve Lender of India, recognizing the extraordinary innovation and inclusivity brought forth by DrishtiPay.
The HaRBInger hackathon’s second version was released in February’23 with the concept ‘Inclusive Electronic Services’. In Oct, it received proposals from 154 teams spanning many international locations, which include India, Australia, Canada, Germany, Singapore, Sweden, the United kingdom, and the United states of america. The competitiveness sought progressive tips in four crucial areas:
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Person-pleasant digital banking companies for differently-abled persons
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RegTech alternatives to streamline compliance for Controlled Entities (REs)
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Exploring use circumstances for Central Financial institution Digital Currency (CBDC) in retail transactions, even in offline situations
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Enhancements to improve Transactions For every 2nd (TPS) and blockchain scalability.
During the original stage, 28 proposals were shortlisted by exterior qualified judges, throughout the four difficulty statements. The last evaluation stage transpired on October 10-11, 2023, in Bengaluru, exactly where 28 finalist groups presented their methods for the selected problem statements to the panel of jurors who evaluated the winners and runners-up centered on parameters like innovation, technological innovation, demonstration, consumer encounter, protection and ease of implementation, among many others.
Proud of this accomplishment, Byas Nambisan, Head of Razorpay POS explained, “DrishtiPay is a shining instance of whats achievable when technological know-how and empathy converge. With its seamless attributes and accessibility for otherwise-abled, senior citizens, and distinctive needs alike, DrishtiPay is the bridge toward inclusivity and technological advancement. Our Razors have normally been the backbone of our innovation and we are thrilled that our crew has won. The foreseeable future retains even additional remarkable possibilities, and were being psyched to see how razors will even more drive the boundaries.”
The POS gadget enabled with DrishtiPay is meticulously engineered to articulate transactions in the shoppers chosen language, presenting a customized and inclusive experience, even though the merchants interface remains in their selected language. In addition to its proficiency in facilitating card payments, DrishtiPay is created to enhance the efficiency of UPI transactions by seamlessly integrating with very well-set up UPI apps.
Satisfy the brains guiding the impressive product from Razorpay POS Team:
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Anand N A, Senior Director, Item QA Engineering & Software Management
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Apurva Gupta, Senior Supervisor, Solution Progress Engineering
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Bhaskar Chatterjee, Vice President, Merchandise Administration
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Deepak Nair, Associate Director, Merchandise Enhancement Engineering
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Mohit Srivastava, Supervisor, Product Development Engineering
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Raghav Gupta, Product Progress Engineer
About Razorpay
Razorpay, a whole-stack money products and services company assists Indian businesses with comprehensive and revolutionary alternatives developed over robust engineering to handle the total size and breadth of the payment and banking journey for any enterprise. Set up in 2014, the enterprise offers know-how payment answers to above 10 Mn enterprises. Launched by alumni of IIT Roorkee, Shashank Kumar, and Harshil Mathur, Razorpay is the next Indian corporation to be a part of Silicon Valley’s major tech accelerator, Y Combinator. Marquee buyers these types of as Lone Pine Cash, Alkeon Money, TCV, GIC, Tiger Worldwide, Sequoia Cash India, Ribbit Capital, Matrix Companions, Salesforce Ventures, Y Combinator, and MasterCard have invested a full of $741.5 Mn by way of Sequence A to F in funding. A couple of angel investors have also invested in Razorpay’s mission to simplify payments and company banking and redefine how finance is effective in India.
For additional info, be sure to take a look at razorpay.com.