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The Reserve Bank of India (RBI) has announced that it is organising its first worldwide hackathon, with the topic ‘smarter digital payments.’
The registration for the hackathon, dubbed ‘HARBINGER 2021 – Innovation for Transformation,’ will open on November 15, according to a statement from the central bank.
It invites participants to identify and develop solutions that have the potential to make digital payments accessible to the underserved, improve the user experience while strengthening the security aspects.
According to the release, HARBINGER 2021 is looking for creative solutions to a variety of problems in the payment and settlement systems landscape, including context-based retail payments that eliminate the actual act of paying.
Innovative, easy-to-use, non-mobile digital payment solutions for converting small-ticket cash transactions to digital mode, as well as alternative authentication mechanisms for digital payments and a social media analysis monitoring tool for detecting digital payment fraud and disruption, have all been sought.
“Participating in HARBINGER 2021 provides competitors with the opportunity to be mentored by industry experts, exhibit their unique solutions in front of an important jury, and win enticing rewards in each category,” according to the RBI.
The winner would receive Rs 40 lakh, while the runner-up would receive Rs 20 lakh