Will be hosted on the Application Programming Interface Exchange platform with the theme \u2018Smarter Digital Payments\u2019<\/p>\n\n\n\n
The Reserve Bank of India (RBI) on Tuesday said it will organise its first global hackathon \u201cHARBINGER 2021 \u2013 Innovation for Transformation\u201d, with the theme \u2018Smarter Digital Payments\u2019, for a month beginning November 15.<\/p>\n\n\n\n
The Central bank has invited 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.<\/p>\n\n\n\n
Specifically, RBI wants innovative ideas for four problem statements \u2013 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 in the payment and settlement systems landscape.<\/p>\n\n\n\n
The hackathon is owned and sponsored by RBI and will be hosted on the Application Programming Interface Exchange (APIX) platform.<\/p>\n\n\n\n
The Central bank said winners in each category of problem statements will get prize money of \u20b940 lakh. The runner-up will get \u20b920 lakh.<\/p>\n\n\n\n
\u201cParticipants from all backgrounds and geographies are welcome, albeit knowledge about the Indian payment systems market and consumers. Participants should be open to forming an incorporated entity in India if they are adjudged winners of the hackathon,\u201d RBI said in a statement.<\/p>\n\n\n\n
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