The Reserve Bank of India had launched its first global hackathon – “HARBINGER 2021 – Innovation for Transformation” with the theme ‘Smarter Digital Payments’ which was communicated. The hackathon received encouraging response with 363 proposals submitted by teams from within India and from 22 other countries including the USA, UK, Sweden, Singapore, Philippines, and Israel. The Hackathon ran in three phases with shortlisting of proposals in the first phase, solution development in the second phase followed by the final evaluation in the third phase.
The third phase of final evaluation was held on May 26-27, 2022 in Bengaluru wherein 24 finalist teams presented their solutions for the problem statements to the jury of external experts who evaluated and selected the winners and runners-up based on parameters like innovation, technology, demonstration, user experience, security, ease of implementation.
The results of the Hackathon are as follows:
|S. No||Problem Statement||Results|
|1||Innovative, easy-touse, non-mobile digital payment solutions for converting small-ticket cash transactions to digital mode.||Tone Tag (Brand of Naffa Innovations Pvt. Ltd.) (INDIA)|
|2||Alternate authentication mechanism for digital payments||napID Cybersec Pvt. Ltd.(INDIA)|
|3||Context based retail payments to remove the physical act of payment||Tone Tag (Brand of Naffa Innovations Pvt. Ltd.) (INDIA)|
|4||Social Media Analysis and Monitoring tool for detection of digital payment fraud and disruption||TrustCheckr (INDIA)|
These innovative products are expected to bring additional benefits in the payments ecosystem viz. inclusion of the underprivileged through non-mobile payment solutions and prevention of digital payment frauds through smart-secure alternate authentication methods as well as timely analysis of social media posts.