RBI announces first-ever global hackathon, themed on digital payments

India's central bank, the Reserve Bank of India (RBI), on November 9 announced its first global hackathon 'HARBINGER 2021 – Innovation for Transformation' with the theme ‘Smarter Digital Payments’.

The winner of the global hackathon will get Rs 40 lakh and the runner-up will get Rs 20 lakhs. RBI has also invited participants for the Hackathon. The registration for the hackathon starts on November 15, 2021.

The participants would be required to identify and develop solutions to make digital payments accessible to the under-served, enhance the ease of payments along with user experience, and strengthen the security of digital payments, the RBI said in a statement.

RBI said that being part of the HARBINGER 2021 hackathon will allow the participants to get mentored by industry experts and exhibit their innovative solutions before an eminent jury.

The hackathon invites participants with ideas to solve the following problems in the payment systems:

1. Innovative, easy-to-use, non-mobile digital payment solutions for converting small ticket cash transactions to digital mode.

2. Context-based retail payments to remove the physical act of payment.

3. Alternate authentication mechanism for digital payments.

4. Social media analysis monitoring tool for detection of digital payment fraud and disruption.

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