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Payment System Company National Payments Corporation of India Aims To Become World’s Best Payments Network

National Payments Corporation of India (NPCI) is a payment system company who aims to become the world’s best payments network. It wants to use blockchain technology for digital transactions enhancement.

It is said in a notification, “NPCI intends to develop a resilient, real-time and highly scalable blockchain solution. It is proposed to develop this solution using an open source technology/ framework/solution.”

The Co-Founder at Innefu Labs Tarun Wig said, “Blockchain stores information about transactions between users in a way that can be tracked by any user for forever for maximum transparency. This gives visibility which can lead to greater efficiency by automating or confirming transactions and increasing liquidity in the supply chain.”

The Indian Banks Association (IBA) and the Reserve Bank of India (RBI) has contributed to establishing the payment system company NPCI. The company has 56 shareholders. It provides services such as cheque clearance.

An instant payment system called the Unified Payments Interface (UPI) which is fast gaining traction. UPI is developed by the company. It was having Rs 3.1 crore in August 2016 and Rs 1.33 lakh crore in March 2019 respectively.

Bids were called to select Liaisoning Consultant (LC). The purpose of this selection is to obtain a wide range of complete statutory permissions for a Captive Data Center (CDC) construction. The construction will be carried out in places like Chennai and Hyderabad. The company has floated an informal offer called Express of Interest (EOI). The purpose of EOI is to enable bidders in implementing the blockchain in the payment domain, Business Today reported.

The payment system company NPCI was launched as a non-profit organization in 2008. It collaborates with ten banks [Punjab National Bank, Bank of India, ICICI Bank, State Bank of India, Bank of Baroda, Union Bank of India, Citibank India, Canara Bank, HSBC Bank, and HDFC Bank] under IBA and RBI, the official website the payments company Razorpay reported.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Shabnam Dhar is a Copy Editor for OWLT Market.

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