Indian Banks Want to Use Blockchain to Boost Payments
Main page News, Blockchain, Banking
Hot topic
April 15, 2019
79 79

The Indian business publication Business Today reported yesterday India's National Payments Corporation (NPCI), promoted by the IBA, wants to integrate DLT in an attempt to boost digital transactions.

Indian Banks’ Association (IBA), which is made up of 10 major national banks, plans to improve current payment systems by integrating cryptos' underlying technology.

The NPCI, an umbrella organization that operates retail payment and settlement systems in India and which includes 56 national banks, was created with the guidance and support of the Reserve Bank of India and the IBA. The NPCI will focus on integrating blockchain technology into payment systems in order to boost digital transactions. According to the publication:

"The NPCI intends to develop a resilient, real time and highly scalable blockchain solution. It will develop this solution using an open source technology/framework/solution."

The NPCI is constantly working on the improvement of current payment systems in the country. For example, it has developed the Unified Payment Interface (UPI), an instant payment system.

Why it is important

  • Christine Lagarde, managing director of the International Monetary Fund (IMF), has recently said that blockchain is shaking the financial world.
  • Frank Xiong, vice president of blockchain development at the popular software company Oracle, said on April 8 that half of the companies will eventually use crypto's underlying technology in the next 3 years.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Read also:
Please describe the error