The Reserve Bank of India (RBI) announced on Tuesday that it will host its first worldwide hackathon on the topic of digital payments.
The theme of “HARBINGER 2021–Innovation for Transformation” is “Smarter Digital Payments,” and participants will identify and develop solutions “that have the potential to make digital payments accessible to the underserved, improve the ease of payments and user experience while strengthening the security of digital payments and promoting customer protection,” according to the central bank.
The hackathon is already accepting submissions for innovative payment and settlement system concepts, and registration is open until November 15.
The RBI was looking for ideas for non-mobile, innovative digital payment solutions for converting small-ticket cash transactions to digital mode, context-based retail payments to eliminate the physical act of payment, alternate authentication mechanisms for digital payments, and social media analysis monitoring tool for detecting digital payment fraud and disruption.
Participants in the hackathon will be guided by industry professionals, have the opportunity to present their unique solutions to a renowned jury, and earn prizes in each category.
The winner would receive Rs 40 lakh, with the runner-up receiving Rs 20 lakh.
