The Reserve Bank of India (RBI) will be organizing its first global hackathon on the theme of digital payments, it said in a statement on Tuesday.
“HARBINGER 2021–Innovation for Transformation” with the theme ‘Smarter Digital Payments’ will see participants 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 central bank said in its statement.
The hackathon is now inviting innovative ideas in the payment and settlement system, registration for which can be done till November 15.
The RBI sought ideas on innovative, easy-to-use, non-mobile digital payment solutions for converting small-ticket cash transactions to digital mode, context-based retail payments to remove the physical act of payment, alternate authentication mechanism for digital payments, and social media analysis monitoring tool for detection of digital payment fraud and disruption.
The participants in the hackathon will get the opportunity to be mentored by industry experts, exhibit their innovative solutions before an eminent jury, and win prizes in each category.
The winner will get Rs 40 lakh, and the runner-up will be awarded Rs 20 lakh.
Source: Business Standard