India is emerging as a robust cashless economy since the government banned Rs 500 and Rs 1000 notes in 2016. The country has witnessed significant growth over the past decade with the introduction of numerous payment methods. The RBI is conducting a global hackathon in a recent step towards bringing cashless systems prevalent in the country. Also Read - Over 600 illegal loan lending apps available on different App stores in India: RBI report
The Reserve Bank of India (RBI) conducts its first global hackathon to make digital payments more secure and convenient for consumers. Announcing this hackathon, RBI said that its theme has been to make digital payments more agile. The registration for this hackathon named ‘Harbinger 2021’ will start from 15th November. Also Read - Illegal digital money lending applications, platforms under RBI lens
The central bank said that the hackathon participants would be asked to identify the issues related to making digital payments more secure and accessible to the underprivileged. They will be asked to give solutions for simplifying and improving the digital payment experience. Also Read - RBI governor Shaktikanta Das express concern over cryptocurrencies, calling them a serious threat
Various suggestions will be given on many problems related to payment in HARBINGER 2021. Apart from this, the participants will get a chance to get the guidance of industry experts. It includes a variety of innovative ideas such as easy-to-use, non-mobile digital payment solutions to convert every small cash transaction into a digital model.
RBI said, “Being part of Harbinger 2021 will allow participants to seek guidance from industry experts and showcase their innovative solutions.” A jury will select the winners in each category. The first-place winner will be given Rs 40 lakh, while the second-place participant will get a reward of Rs 20 lakh.
“Innovative, easy-to-use, non-mobile digital payment solutions for converting small ticket cash transactions to digital mode,” RBI says
To participate in the hackathon, you can click on the following link to register and submit the proposal after the registration. The applications will be received only through an online process. RBI will then shortlist the most promising solution given in the proposal.
You can click on the link given below to register