The hackathon will take place at the Impact Hub Westminster in central London on 23-25 September.

The event aims to foster innovation and encourage participants to apply creative technology to integrating payments. Two themes will flow through the 48-hour hackathon: the Smart City and the connected home.

The hackathon provides an opportunity for aspiring technologists as well as experienced coders to develop a proof-of-concept for mobile to mobile payment and to be trained on new IoT open-source technology using the latest industry software and hardware. Participants can also bring their own kit to help unleash creativity and build real-life payment situations between objects.

Nick Telford-Reed, Worldpay Director of Technology Innovation, said: “We’re excited to be hosting our first ever London hackathon. Fintech in the Internet of Things is a fast and dynamic sector which is continually evolving to meet the needs of consumers and industry so it’s vital to get collaboration between a wide variety of organisations. Worldpay’s hackathon is a chance for participants to challenge and disrupt current payments models with innovative new solutions. We’re looking forward to seeing what the teams can do with our industry-leading payment APIs and we’re confident the results will be game-changing.”

An online platform will be available two weeks prior to the hackathon where one-on-one sessions can be booked with technology experts. Winners will receive a share of the £5,000 prize fund.