The National Payments Corporation of India (NPCI) has announced plans for a blockchain payments solution. The organization has 56 shareholder banks and was initially set up with support from the Reserve Bank of India and Indian Banks Association. Will the blockchain system be used for domestic purposes or remittances and does this impact Facebook’s India remittance plans?
According to
Business Today, the organization issued a notification saying: “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.”
NPCI already looks after many domestic payment systems. For example, it runs RyPay the domestic Debit and Credit Card payment network of India. It controls the Unified Payments Interface (UPI) which is the instant, real-time settlement system. And it also created a UPI linked mobile app called Bharat Interface for Money (BHIM) that enables direct bank payments by using a persons UPI ID or scanning a QR code.
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