RBI to hold hackathon ‘HARBINGER 2021’ on Digital Payments

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Mumbai : The Reserve Bank of India (RBI) on Tuesday said it will be organising its first global hackathon on the theme of digital payments.

“HARBINGER 2021 – Innovation for Transformation” with the theme ‘Smarter Digital Payments’. 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” RBI said in a statement.

The hackathon is now inviting innovative ideas in the payment and settlement system, registration for which will start from November 15. The winner of the hackathon will get a cash award of Rs. 40 lakh and the runners up will get Rs.20 lakh.

The hackathon invites innovative ideas for the following problem statements in the payment and settlement systems landscape:

  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.

Who Can Apply?
All relevant and impactful solutions will be considered irrespective of the stage.
The eligibility criteria consist of the following:
(i) All entities, teams or individuals (eighteen years and above) who are eligible to enter into a contractual agreement and; (ii) who possess a Minimum Viable Product (MVP) or a product available on the market or ready to be rolled out in the market and; (iii) who have an element of innovation or novel application of technology serving common good.

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