The Reserve Bank of India on November announced the launch of its first global hackathon – Harbinger 2021 – Innovation for Transformation” with the theme ‘Smarter Digital Payments’.
The hackathon invites participants to identify and develop solutions which will have potential to make digital payments accessible to the under-served. Further, enhance the ease of payments and user experience, while strengthening the security of digital payments and promoting customer protection.
The central bank has laid out problem statements in the payment and settlement systems landscape as follows:
- Innovative, easy-to-use, non-mobile digital payment solutions for converting small-ticket cash transactions to digital mode.
- Context-based retail payments to remove the physical act of payment.
- Alternate authentication mechanism for digital payments.
- Social Media Analysis Monitoring tool for detection of digital payment fraud and disruption.
The central bank said that being a part of HARBINGER 2021 gives an opportunity to the participants to get mentored by industry experts and exhibit their innovative solutions before an eminent jury and win exciting prizes in each category.
The winner will get Rs 40 lakh and runner-up will get Rs 20 lakh, the registration for the hackathon starts from November 15, 2021 and closes on December 15, 2021.