Set up by VocaLink in 2013, Zapp is aiming to bring real-time mobile payments - in store, online and through apps - to millions of Brits by integrating its system into bank apps and tapping into the Faster Payments rails.

In January five major financial institutions - HSBC, first direct, Nationwide, Santander and Metro Bank - committed to embedding Zapp within their phone and tablet apps, bringing the technology to their 18 million customers.

The ZappHack event is being held in Shoreditch on 7th-8th July. It is open to developers, coders and designers from the fintech, start-up and retailer communities, who will be challenged to come up with novel use cases for pain-free and frictionless digital commerce scenarios.

Teams can be comprised of up to four people, pre-formed or formed on the day, and the finished prototypes will be scored according to the level of disruption, retail time/cost saving, consumer time saving, ease of use and technical completeness.

The winning team will be awarded with an all-expenses paid trip to South Korean capital Seoul, widely acknowledged as a world leader in consumer uptake of mobile payments technology. There is also the opportunity to receive Preferred Partner Status with Zapp, putting the winners in a prime promotional spot for the full-scale commercial launch in early 2015.

As part of our increased focus on the fintech startup scene, Finextra will be reporting from the ZappHack event and capturing the stories behind the winning participants, their new business ideas and the apps they are building.