Kotak Bank part of UPI 2.0 hackathon initiative

Bengaluru: Kotak Mahindra Bank has joined hands with software industry lobby Nasscom’s 10,000 Startups initiative and software policy think tank iSPIRT to organise a hackathon for fintech companies as well as individuals mainly to find use cases around UPI 2.0, the updated version of the interbank payment mode that was unveiled by the National Payments Corporation of India (NPCI) last week.

“There is a need to build merchant payment use cases on UPI 2.0. Our effort through this initiative will be to encourage entrepreneurs to come up with innovative use cases on the payment platform so that adoption of UPI goes up,” said Deepak Sharma, chief digital officer at Kotak Mahindra Bank.

The Mumbai-based private sector lender demonstrated the feature of ‘invoice in the inbox’ and how this feature can be used during the launch of UPI 2.0 by the RBI Governor Urjit Patel.