Nagpur's initial PayFi Hackathon features rising developers taking center stage in their debut performances.
In an exciting development for the financial technology sector, an opportunity for local hosts to discuss and organize events focused on building PayFi dApps has become available. This initiative aims to foster a vibrant community of developers and innovators, working together to create a unified ecosystem that integrates payments and decentralized finance (DeFi).
The goal of this collaborative effort is to have 150+ community-led PayFi projects on the website by year-end, with most projects expected to focus on payments-related features such as wallets, invoicing flows, loyalty or reward layers, and transaction dashboards.
Recently, a PayFi hackathon took place, where participants were guided to switch RPC endpoints, update env variables, and run end-to-end tests on 'Unstablenet'. A total of 10 final submissions were deployed on the website, showcasing the promising potential of this innovative technology.
Following the success of the initial event, another PayFi Mini Hack is on the horizon, along with pilot mini hacks planned in APAC and Africa. These events are designed to encourage builders to stay active on social channels like Discord and Telegram, fostering a collaborative and supportive community.
Short follow-ups for code reviews, issue fixes, and documentation cleanups are also planned, ensuring that the projects developed during the hackathons are of the highest quality.
In addition, two interested colleges will have tailored workshops and starter repos, with a clear build rubric, to further nurture the next generation of PayFi developers.
PayFi is a groundbreaking concept that integrates payments and DeFi into a unified ecosystem, facilitating cheaper, faster, and more accessible financial services. Key aspects of PayFi include credit and lending based on income, not collateral, seamless crypto-to-fiat and fiat-to-crypto transfers, multi-chain and multi-currency support, and integrated compliance and identity features.
By participating in PayFi hackathons, developers can handle low-cost micro-transactions efficiently, integrate real-time fiat-to-crypto payments for global participants, build innovative financial apps leveraging income-based lending protocols or compliant identity solutions, and rapidly prototype tools for decentralized credit scoring, payments tracking, and remittance flows combining crypto with traditional financial rails.
Join the PayFi building journey by participating in the upcoming events or organizing your own. For more information, join the Unstablenet Discord channel and stay tuned for updates on the PayFi Mini Hack and pilot mini hacks in APAC and Africa. Together, we can shape the future of payments and finance.
[1] Huma Finance’s PayFi network allows users to borrow based on verified future income (wages, invoices, remittances) rather than requiring traditional crypto collateral. [2] Remittix’s PayFi wallet enables instant, low-fee (around 0.1%) conversions and transfers between cryptocurrencies and local fiat currencies across 30+ countries. [3] Platforms like Remittix support 50+ cryptocurrencies and operate across Ethereum, Solana, and other chains for interoperability, making micro-transactions and payments flexible and accessible globally. [4] For smoother payment flows, some PayFi ecosystems offer privacy-preserving regulatory compliance tools embedded in wallets, assisting payments that must meet identity verification without friction. [5] The six-hour sprint format will be replicated in APAC and Africa with a predictable monthly cadence.
- In the realm of education-and-self-development, future PayFi developers can benefit from workshops tailored by two interested colleges, offering starter repositories and a clear build rubric.
- Amidst the vibrant technology-driven lifestyle of PayFi, users can leverage remittance solutions like Remittix's PayFi wallet for instant, low-cost conversions and transfers across various currencies, integrating both cryptocurrencies and traditional finance.
