India’s payment network, the National Payments Corporation of India (NPCI), is planning to develop a resilient, real-time, and highly scalable blockchain solution for digital payments, in order to make them more robust and efficient.
As reported by OpenGov Asia, NPCI is an initiative established under the Reserve Bank of India (RBI) and the Indian Banks Association (IBA) and serves as an umbrella organization for retail payments in the South Asian nation.
With digital payments having grown exponentially over the past few years, it has been proposed that a blockchain solution be developed using an open-source technology framework.
Additionally, NPCI has floated an Expression of Interest (EOI) to assist bidders in proposing their capabilities for the development of a distributed ledger technology (DLT) or blockchain technology in the domain of payment.
Blockchain adoption would reduce dependency on a central engine operating the payment infrastructure. The immutable database is also expected to offer greater efficiency and security while substantially reducing the risk of fraud, due to the way in which blockchain networks store transaction data between users to ensure traceability as well as maximum transparency.
NPCI has been operating several retail payment and settlement systems throughout India and recently announced a collaboration with the Discovery Network to enable India card payment system RuPay to be used at international locations and expand its global footprint.
Industry experts have indicated that India could be among the world’s top blockchain leaders by 2023, with the country’s digital payments industry projected to hit US$5 billion by as early as 2020. This would account for 15% of the nation’s gross domestic product (GDP). Non-cash payment methods are expected to double to 40% over the same period
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