Testathon 2023 Q2
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About Us
Let’s build a smarter digital payment ecosystem.
Reserve Bank of India (RBI) - India's central banking authority invites your innovative ideas for the four problem statements under the overarching theme of 'Smarter Digital Payments'.
RBI, through its guidance and support, has been able to transform India into a country riding the crest of a wave in the evolution of digital payments and continues to do so by fostering innovation.
Increase in digital payments in India have not only facilitated in achieving greater financial inclusion, but also interoperability among payment systems, unparalleled ease of transactions, robust customer protection measures have made India's retail payment system one of the safest in the world.
The journey has only just begun, and we are mindful of the challenges ahead, and we invite ideas to enhance the reach, convenience, and experience of the users, while making digital payments smart and secure.
If you have an innovative solution, haRBInger 2021 is the right platform.
Wish to learn more: visit https://fintech.rbi.org.in/FT_HaRBInger
Problem Statements
HARBINGER 2021 aims to identify and enable solutions and/or business models that have the potential to make digital payments accessible to the underpriviledged section, enhancing the ease of payments, enriching the experience of the users while strengthening the security of digital payments and protecting the consumers.
Alternate authentication mechanism for digital payments. (internet and mobile payments)
Presently, most of the digital payments are authenticated by a Personal Identification Number(PIN)/password/CVV followed by a One-Time Password (OTP) which is received by the remitter over his mobile phone. While the SMS through which the OTP is received is not an encrypted secure messaging system, the instances of digital payment frauds where the users are tricked into sharing the OTP have also been observed. As such, an alternate smart secure authentication mechanism may result in more secure digital transactions.
Innovative, easy-to-use, non-mobile digital payment solutions for converting small ticket cash transactions to digital mode.
In order to onboard the under privileged and underserved faction of the society to digital payments, non-mobile, swift and easy-to-use innovative solutions for converting small value cash payments of amount less than Rs. 100 to digital mode, may be explored. This would enhance the reach of digital payments and enable a greater inclusion of the underserved into the mainstream.
AWARDS
Are you in it to win it?
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$50000
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$20000
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Eligibility
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Media Centre
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FAQ
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