RBI Announces Results of its First Global Hackathon - HARBINGER 2021
The Reserve Bank had launched its first global hackathon called HARBINGER 2021 Innovation for Transformation with the theme ‘Smarter Digital Payments’.
The hackathon received huge response with 363 proposals from 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 of preliminary screening and initial evaluation , solution development in the second phase followed by the final evaluation in the third phase was held on May 26-27, 2022 in Bengaluru.The winners of Hackathon selected based on parameters like innovation, technology, demonstration, user experience, security, ease of implementation. 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.They can contribute to the ease and accessibility of digital payments while strengthening customer protection.
WINNERS OF HACKATHONE LIST
A. Innovative, easy-to-use, non-mobile digital payment solutions for converting small-ticket cash transactions to digital mode
WINNER - Tone Tag (Brand of Naffa Innovations Pvt. Ltd.India )
RUNNER-UP - Extolabs LLC USA
B. Alternate authentication mechanism for digital payments
WINNER - napID Cybersec Pvt. Ltd India
RUNNER-UP - neoEYED USA and Sperotel Technologies LLP India
C. Context-based retail payments to remove the physical act of payment
WINNER - Tone Tag (Brand of Naffa Innovations Pvt. Ltd.India )
D. Social Media Analysis and Monitoring tool for detection of digital payment fraud and disruption
WINNER - TrustCheckr India
RUNNER-UP - Ezetap Mobile Solutions Pvt. Ltd India and Lalit Kumar Pagaria India.