RBI launches 1st global hackathon 'HARBINGER 2021'; check out the details

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 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, the statement said.  

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.

It further plans to use social media analysis monitoring tools for the 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 the winner is Rs 40 lakh, and Rs 20 lakh for the runner-up.