oenpay – Virtual Design Challenge

‘Metaverse’ for payments

Virtual Reality unlocks new possibilities for business and society

Virtual reality applications enable new forms of collaboration in which people from different parts of the world can interact and work together. These virtual spaces and worlds can enrich economy and society in all areas of life.

In the scope of the hackathon ‘Virtual Design Challenge’, oenpay is searching for exciting designs for a virtual space. In doing so, the innovation initiative aims to seize the potential of virtual reality for itself and partner companies to make new applications a virtual experience.

Virtual Design Challenge
Virtual Design Challenge (photo: © DIgilife – stock.adobe.com)

oenpay is particularly interested in researching new payment solutions that can be used to process digital transactions securely and easily in a virtual space. The virtual space is intended to support this mission with a modular structure and versatile functions. In the concept, three modules are to be presented in an innovative way:

  • a virtual reception room für the international oenpay community
  • a conference / event room to provide a stage for all actors involved in payments
  • an exhibition room for the lively visualization of new payment solutions

The design should be futuristic, correspond to the brand image of oenpay and visualize payments in an innovative way. The concept must be modular so that the virtual space can be expanded if necessary. There are no limits to your creativity.

The best design concepts will be awarded!

The following prizes are up for grabs:

1st Place: EUR 2,000 prize money
2nd Place: EUR 1,000 prize money
3rd Place: EUR 500 price money

In addition, the most innovative ideas will be analyzed, developed and maybe even implemented.

Here is how you can register:

  1. Interested parties can register for the Virtual Design Challenge on the oenpay website until August 30, 2023. You can register for the competition either alone or as a team (maximum of three members).
  2. The virtual hackathon will start on September 4, 2023. We will send you the specific task of the Virtual Design Challenge by email. Then you have until September 30, 2023 to develop your creative idea for virtual room design on Web3 and to submit your design concept. If you have any questions, please do reach out at any time!
  3. In October 2023 we will evaluate all submissions. If we particularly like your design concept, we would like to get to know you personally and invite you to present your concept. The winners will be selected and the award ceremony will take place on October 16, 2023.

The Metaverse and Web3 are emerging concepts that will revolutionize the way we use and interact with the Internet.

The Metaverse refers to an augmented virtual reality in which the digital and physical worlds merge. In the immersive and interactive environment, users can act as avatars and communicate with each other in real time.

Web3, also known as the decentralized web, represents the next generation of the internet based on blockchain and cryptocurrency technologies. It allows the creation and interaction with digital content and services in a decentralized and transparent way.

The Metaverse and Web3 open up new possibilities for digital identity, virtual economies, social interactions and creative development. They promise an immersive, connected and open future where users are in control of their own data and digital experiences.

The integration of virtual rooms in the professional environment offers a wide range of opportunities to promote innovation, regardless of the industry:

  • New business models: Web3 applications and virtual spaces give companies the opportunity to explore and develop new business models. The tokenization of assets and services enables innovative approaches to value creation and creates new revenue streams. By using smart contracts and decentralized finance applications (DeFi), companies can also implement efficient and transparent transaction processes.
  • Technological progress: The integration of Web3 applications and virtual rooms unlock strategic advantages in a wide variety of industries. Companies can actively use technological advances and adapt to the demands of the digital era. By using innovative technologies, companies can strengthen their competitiveness and position themselves as pioneers.
  • Innovative work environment: Web3 applications and virtual rooms provide access to an innovative work environment that enables employees to develop their creative ideas and develop new solutions.
  • Effective collaboration: Virtual rooms enable effective collaboration among scattered teams and experts from different areas. They facilitate interaction and knowledge sharing regardless of geographic location. This strengthens the innovative power, since different perspectives and specialist knowledge can be combined.
  • Flexible working: Using Web3 applications and virtual rooms, employees can work flexibly and adapt their working environment to their individual needs. Virtual offices and workspaces offer the opportunity to work from anywhere and at the same time ensure productive collaboration. This promotes the work-life balance and increases employee satisfaction and motivation.

In the scope of the ‘Virtual Design Challenge’ Hackathon, oenpay is searching für creative ideas on the innovative design of a virtual room.

oenpay aims to seize the possibilities of the Metaverse and Web3 applications for payment transactions. The virtual, modular space is intended to support this mission with a variety of functions – for example as a virtual reception, a conference and collaboration room or as exhibition tool to present new payment solutions innovatively and virtually.

Anyone over the age of 16 is eligible to participate. Excluded are active employees of oenpay and the OeNB.

We particularly invite students and pupils to sign up for the ‘Virtual Design Challenge’. It doesn’t matter whether you come from the field of design, computer science, art or another field – as long as you are interested in design and virtual interior design and would like to contribute your innovative ideas, we look forward to your submission.

The design can be sketched using a 3D modeling software of your choice. The final design concept must be submitted in the form of a ‘GLB’ file. GLB stands for ‘GL Transmission Format Binary file’ and is a standardized file format for the exchange of 3D data. It can contain information about 3D models, scenes, models, lighting, materials, node hierarchies and animations. So you can decide for yourself which software (AutoCAD, Blender, etc.) you want to use. However, participants should be able to present their visions and concepts clearly and convincingly.

The best submissions will be awarded prize money of up to EUR 2,000.

If we particularly like your design concept, we want to get to know you personally! The most innovative ideas will be analyzed, evaluated and maybe even implemented. This gives you the unique opportunity to make your design a reality together with oenpay.

You can register either alone or in a team of up to three members until August 30th and will receive an email to confirm your participation. The competition itself will take place from September 4th to September 30th. You will receive an email with all the important information and the task in a timely manner. You can submit your completed design online at any time from September 4th to September 30th at the latest. The best submissions will then be selected. The creators of the best concepts are invited to present their designs personally at a closing event.

The competition is a virtual event – You can easily participate from anywhere and unleash your creativity without being tied to a specific location.

However, we will personally invite the participants of the best concept submissions to our final event, where they can present their design concepts on site.

Do you have further questions? Please contact us:

Mirjana Covic
Senior Innovation Manager
oenpay – Financial Innovation Hub

Sign up today and shape the future of payments together with oenpay!

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