Indian Banks Considering Blockchain Technology to Boost Payments

The National Payments Corporation of India (NPCI), an umbrella organisation for retail payments in India, is mulling the use of blockchain technology for payments. The NPCI is promoted by 10 banks under the Indian Banks Association (IBA).

The official notification has revealed that NPCI is looking for a resilient and scalable blockchain solution. What’s more interesting is that it wants to use an open source technology, presumably alluding to public blockchain networks.

An Expression of Interest (EoI) has been floated by the NPCI to invite bids for the development of this payments system. NPCI is the organisation behind the Unified Payments Interface (UPI), an extremely popular and seamless mode of instant digital payments in India.

Leave a Reply

Your email address will not be published. Required fields are marked *