The Reserve Bank of India (RBI) has announced its first-ever global hackathon titled “HARBINGER 2021 – Innovation for Transformation” under the theme ‘Smarter Digital Payments’. This initiative aims to promote innovation in the digital payments ecosystem by inviting participants from around the world to identify and develop solutions that make digital payments more accessible to the under-served, improve ease of use and user experience, and strengthen security and customer protection.
HARBINGER 2021 focuses on several key problem statements, including the development of innovative, easy-to-use, non-mobile digital payment solutions for converting small-ticket cash transactions into digital mode; creating context-based retail payment systems that eliminate the need for physical payment actions; designing alternate authentication mechanisms for secure digital transactions; and building social media analysis and monitoring tools for detecting payment frauds and disruptions.
Participants in the hackathon will have the opportunity to be mentored by industry experts, present their ideas before an eminent jury, and compete for attractive prizes, with ₹40 lakh for the winner and ₹20 lakh for the runner-up. Through this initiative, the RBI underscores its commitment to driving innovation, enhancing cybersecurity in digital payment systems, and supporting India’s vision of a secure, efficient, and inclusive digital economy.