The Reserve Bank of India (RBI) on Tuesday, November 9, 2021, announced its first global hackathon ‘HARBINGER 2021 – Innovation for Transformation’ with the theme ‘Smarter Digital Payments’.
The Reserve Bank of India said in a statement that registration for the hackathon will begin on November 15.
The hackathon invites participants to identify and develop solutions that have the potential to make digital payments accessible to underserved people, enhance the ease of payments and user experience while strengthening the security of digital payments and promoting customer protection.
According to the statement, HARBINGER 2021 invites innovative ideas for a number of problem statements in the payment and settlement systems landscape, including context-based retail payments to remove the physical function of payments.
Ideas have also been sought for innovative, easy-to-use, non-mobile digital payment solutions to convert small cash transactions to digital mode; alternative authentication mechanisms for digital payments; and social media analytics monitoring tools to detect digital payment fraud and disruption.
“Being part of Harbinger 2021 gives participants an opportunity to be mentored by industry experts and showcase their innovative solutions in front of an eminent jury and win exciting prizes in each category,” RBI said.
The prize money for the winner is Rs 40 lakh and for the runner up is Rs 20 lakh.
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