Payments on the Blockchain

The National Payment Corporation of India, is thinking about the possibility of implementing Blockchain technology in order to strengthen digital transactions in the country.

This development is being promoted by banks with support from the Indian Banks Association (IBA).

The company aims to become the best payment network both in the country and globally. The organisation can be seen as an umbrella organisation that is managed by retail payments and settlement systems in India.

The organisation also encompasses over 56 national banks acting as stakeholders.

It is set up with the full guidance and support of the Reserve Bank of India, the IBA and the NPCI all working together in order to develop the Blockchain technology and the payments sector in order to boost digital transactions.

According to a few notifications coming from the NPCI organization,

“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 and solution.”

The organisation also quoted the global consultancy firm PwC, and has claimed that India will become one of the Blockchain leaders in the world by 2033.

The co-founder of Innefu Labs also stated that:

“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.”

NPCI has developed one of the most successful Unified Payment Interfaces (UPI) in recent years and has been busy with payment systems which is gaining traction in the country.

Payments made through the organisation went up in March 2019 and has been moving steadily for compared to its August 2016 rise.

In March, the company recorded a tremendous amount of 1.33 lakh crore which is a significant amount for the organisation in India comparatively which shot up to more than Rs. 3.1 crore in volume.

Back in July of 2018, some major banks in India and other BRICS nations like Brazil, Russia, China and South Africa signed a memorandum for the future development of Distributed Ledger Technology in order to enhance and expand the digital economy.

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