RBI launches its first global hackathon ‘HARBINGER 2021’

Reserve Bank of India (RBI) announced the commencement of its first worldwide hackathon, ‘HARBINGER 2021 – Innovation for Transformation,’ with the topic ‘Smarter Digital Payments.’

The hackathon will invite participants to identify and develop solutions that have the potential to make digital payments accessible to the underserved, improve payment ease and user experience, strengthen digital payment security, and promote customer protection, according to a statement from the RBI.

The hackathon seeks creative solutions to the following issue statements in payment and settlement systems:

1. Non-mobile digital payment solutions that are innovative and simple to use for transitioning small ticket cash transactions to digital mode.

2. Context-based retail payments to eliminate the need for a physical act of payment.

3. An additional authentication technique for digital payments.

4. Monitoring tool for social media analysis to detect digital payment fraud and disruption.

According to RBI, being a part of HARBINGER 2021 provides participants with the opportunity to be mentored by industry experts and to present their unique solutions before a renowned jury.

The winner would receive Rs 40 lakh, while the runner-up will receive Rs 20 lakh. The hackathon registration period begins on November 15, 2021.

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