Indian National Payments Corporation (NPCI) plans to develop blockchain payment solutions

Indian National Payments Corporation (NPCI) plans to develop blockchain payment solutions

The National Payments Corporation of India (NPCI), a banking consortium-owned retail payment and settlement organization, is planning to use blockchain technology to facilitate digital transactions.

According to a report on Business Today, NPCI said it plans to develop a "flexible, real-time and highly scalable" blockchain solution using blockchain open source technology. The organization has issued an EOI calling on entities to bid for a blockchain solution for payment space.

NPCI is a non-profit organization supported by the Central Bank of India, the Reserve Bank of India (RBI) and the Bank of India Association. Launched by 10 banks including the National Bank of India (SBI), ICICI Bank and HSBC, as of 2016, there were 56 banks as shareholders.

Although India's status as a public cryptocurrency is currently a grey area, the Bank of India has said it is studying how to introduce a rupee-backed central bank digital currency into its monetary policy to reduce its large annual cash casting costs.

The country is also enthusiastic about blockchain technology. Last year, the National Transformation Agency of India (known as Niti Aayog), a government think tank, is working on a blockchain solution designed to combat India's booming counterfeit drug trade.

In addition, the Union Cabinet of India, headed by senior government officials and headed by Prime Minister Narendra Modi, said it would allow the Exim Bank to cooperate with banks of the BRIC Economic Group to develop blocks. Chain technology research (madman coin)

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Market Analysis: Will the adjustment be close, will it be deep?

The mainstream currency represented by Bitcoin has been rising for more than half a year, but we have not seen the bu...

Blockchain

Bakkt futures trading volume is new, but can it last?

Since the launch of about three weeks ago, Bakkt's physical delivery of bitcoin futures contracts has been plagu...

Market

Bitcoin price analysis on April 12

Key points Bitcoin failed to stay above $5,150 and prices began to fall sharply. Subsequently, the price fell below t...

Blockchain

XRP volume breaks through, mainstream currency quotes start

Author | Hash sent analysis team BTC prices are artificially pushed up? Tether is also suspected of illegally manipul...

Market

Buying shares in Bitcoin has become a reality in 155 countries around the world

The San Francisco-based Bitcoin investment app Abra has launched a service to users outside the US—allowing us...

Blockchain

Bitcoin skyrocketed and skyrocketed, market share accounted for a record high in virtual currency

Recently, Bitcoin has once again staged a roller coaster market. Affected by the US Taxation Bureau's education ...