RBI to organise its first global hackathon with theme 'smarter digital payments'

RBI said the hackathon registration starts from November 15 and it will invite participants to identify and develop solutions to make digital payments accessible to the under-served.

The Reserve Bank of India (RBI) has announced its first global hackathon 'HARBINGER 2021 Innovation for Transformation' with the theme 'smarter digital payments'.

Registration for the hackathon starts from November 15, the central bank said in a statement.

The Hackathon, it said, invites participants to identify and develop solutions that have the potential to make digital payments accessible to the under-served, 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 several problem statements in the payment and settlement systems landscape, including, context-based retail payments to remove the physical act of payment.

Ideas have also been sought for innovative, easy-to-use, non-mobile digital payment solutions for converting small-ticket cash transactions to digital mode; alternative authentication mechanism for digital payments; and social media analysis monitoring tool for detection of digital payment fraud and disruption.

"Being 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 RBI said.

The prize for winner is Rs 40 lakh, and Rs 20 lakh for runner-up.

Edited by Megha Reddy


Updates from around the world