Spice Money: Industry Monitoring 13 to 15 April 2019
- Priyanka Kanodia
- Apr 17, 2019
- 3 min read
Spice Money
Competitors
Industry News
NPCI mulls using blockchain solution to strengthen digital payments
Publication- The Economic Times
Edition- Online
Date- 14 April, 2019
Payments network NPCI is considering using highly scalable blockchain solution to further strengthen digital payments, which have seen an exponential growth in recent times. A blockchain or distributed ledger is a continuously growing list of encrypted transactions called blocks. A block may contain any type of data such as unique digital identifiers of physical products The National Payments Corporation of India (NPCI) is an umbrella organisation for all retail payments in India. It was set up with the guidance and support of the Reserve Bank of India and the Indian Banks Association (IBA). Promoted by 10 banks in India under the aegis of the IBA, it aims to become the "best payments network globally". Presently, 56 banks are shareholders of NPCI.
"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," it said in a notification. In this regard, the NPCI has floated an Express of Interest (EOI) in order to enable bidders to propose their capability for developing distributed ledger technology/ blockchain in the payment domain. As per a recent report of global consultancy firm PwC, India would be one of the world's blockchain leaders by 2023. "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," said Innefu Labs Co-Founder Tarun Wig.
Please click on the link below:
GPay leads in Unified Payments Interface usage amid troubles
Publication- The New Indian Express
Edition- Online
Date- 11 April, 2019
Even as it is mired in legal trouble in India, GPay, or the online payments application of Google, has cornered the highest share of Unified Payments Interface (UPI) transactions. National Payments Corporation of India’s data shows that total UPI transactions reached about 800 million in March 2019, up from just 178 million a year ago. Of all UPI-based payments app, GPay accounts for a lion’s share of 54 per cent of merchant transactions, according to data by start-up Razorpay on fintech trends.
This was followed by PhonePe at 11.9 per cent and Paytm at 9.7 per cent. BHIM or Bharat Interface for Money, however, has been losing steam (with 4 per cent) over the past few months as more transactions are flowing via private non-bank apps.
Please click on the link below:
National Payments Corporation of India mulls using blockchain to boost digital transactions
Publication- Business Today
Edition- Online
Date- 11 April, 2019
Payments network NPCI is considering using highly scalable blockchain solution to further strengthen digital payments, which have seen an exponential growth in recent times. A blockchain or distributed ledger is a continuously growing list of encrypted transactions called blocks. A block may contain any type of data such as unique digital identifiers of physical products. The National Payments Corporation of India (NPCI) is an umbrella organization for all retail payments in India. It was set up with the guidance and support of the Reserve Bank of India and the Indian Banks Association (IBA).
Promoted by 10 banks in India under the aegis of the IBA, it aims to become the "best payments network globally". Presently, 56 banks are shareholders of NPCI. "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," it said in a notification. In this regard, the NPCI has floated an Express of Interest (EOI) in order to enable bidders to propose their capability for developing distributed ledger technology/ blockchain in the payment domain.
Please click on the link below:
Comments