Fri. Mar 29th, 2024
Rbi

The Reserve Bank of India (RBI) is all set to organise its first-ever global hackathon on the theme of digital payments, it said in a statement on Tuesday.

“HARBINGER 2021–Innovation for Transformation” with the theme ‘Smarter Digital Payments’ will see participants 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,” the central bank said in its statement.

The hackathon is open to innovative ideas in the domain of payment and settlement systems, applicants can send their entries and registration for the same can be done from November 15.

HARBINGER 2021 invites innovative solutions for the problems that persist in the payment and settlement systems domain. The applicants must be able to provide Innovative, easy-to-use, non-mobile digital payment solutions for converting small-ticket cash transactions to digital mode. There must be a way for context-based retail payments to remove the physical act of payment. An applicant must be able to provide alternate authentication mechanisms for digital payments. Last but not the least, Social Media Analysis Monitoring tool for detecting digital payment fraud and disruption.

The selected candidate of HARBINGER 2021 gets an immense opportunity to get mentored by industry experts and show their innovative solutions before an eminent jury and win exciting prizes in each category. The winner will be awarded ₹ 40 lakh and the runner-up shall be rewarded ₹ 20 lakh.

By Harshita Sharma

I bring to you updates from business, policy and economy spectrum.

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