- The NPCI is set to float a public tender for DLT-based payment solutions
- PwC states that by 2023, India will be among the world leaders in blockchain adoption
- Ambitions to establish the “best payments network globally”
According to a report published April 14, 2019, by Indian media outlet Business Today, the National Payments Corporation of India (NPCI) is set to use blockchain technology to foster the use of digital payments among the Indian populace.
Blockchain to Digitize India
The extremely malleable blockchain technology is poised to receive a major push in India.
NPCI, the umbrella organization for all retail payments in the country is mulling the adoption of distributed ledger technology (DLT) in its attempt to push for increased digitization in India. The organization was developed under the guidance and the supervision of the country’s apex bank, the Reserve Bank of India (RBI) and the Indian Banks Association (IBA).
The NPCI’s grandiose ambitions can be measured by the fact that, at present, some 56 of the major Indian banks are its shareholders. The organization is promoted by 10 banks under the IBA and aims to become the “best payments network globally.”
The organization stated in a notification:
“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.”
Against that backdrop, the NPCI has also floated an Express of Interest (EOI), which is, essentially, a public tender of sorts to allow the interested parties or bidders to propose their capability, both technologically and financially, to develop an efficient, transparent, and secure blockchain-based cobweb of network that can serve the whole country.
Notably, a recent report by one of the accounting giants PwC posits that by 2023, India would position itself as one of the world’s blockchain leaders.
Innefu Labs, a New Delhi-based data analytics firm’s co-founder Tarun Wig, opined:
“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.”
In related news, BR informed its audience on March 29, 2019, how the Indian Ministry of Commerce and Industry (MCI) announced the launch of a pilot that aims to track coffee “from beans to cups” through a blockchain-powered app.