Reserve Bank of India is organising its first global hackathon – “HARBINGER 2021 – Innovation for Transformation” with the theme ‘Smarter Digital Payments’ with four problem statements to shape the future of the payment systems in India.
The objective of RBI’s maiden hackathon is “to identify and enable solutions and/or business models that have the potential to make digital payments accessible to the under privileged section, enhancing the ease of payments, enriching the experience of the users while strengthening the security of digital payments and protecting the consumers,” the central bank’s release read.
These challenges include – (a) innovative, easy-to-use, non-mobile digital payment solutions for converting small ticket cash transactions to digital mode; (b) context-based retail payments to remove the physical act of payment; (c) alternate authentication mechanism for digital payments; and (d) Social Media Analysis Monitoring tool for detection of digital payment fraud and disruption.
The hackathon is owned and sponsored by Reserve Bank of India (RBI) and is hosted on the Application Programming Interface Exchange (APIX) platform. Applications will only be received only through the online process and the RBI will shortlist the most promising solutions for further support.
Participants can also apply for more than one problem statement if you fulfill the criteria set out in each category. The central bank is “looking at the uniqueness of the proposition and feasibility of the business model alongside to achieve the desired goal.”
To be eligible for participating in the RBI hackathon, individuals should be 18 years of age and above, those who have a Minimum Viable Product (MVP) or a product available on the market or ready to be rolled out in the market and who have an element of innovation or novel application of technology serving common good.
Participants should also be open to form an incorporated entity in India if they win the hackathon. Winner of the hackathon will bag a cash prize worth Rs 40 lakh while the runner-up gets Rs 20 lakh as cash prize.
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