National Payments Corporation of India (NPCI) has selected RS Software (India) to build a digital payments enablement platform.
NPCI, which is the umbrella organization for retail payments in India, has undertaken to implement the Unified Payment Interface (UPI) that will be used by banks to innovate and launch mobile payment products in India.
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Once this infrastructure is in place, it would allow users to send and receive money electronically without requiring bank account information. The UPI layer will sit on top of the existing infrastructure of banks and enable money transfer through mobile phones.
The platform will be based on a 2-factor authentication method. The solution will facilitate payments functions as secured APIs over the internet, enabling PSPs (payment service providers) such as banks to develop digital payment platforms via mobile applications for initiating payments.
NPCI MD and CEO A P Hota said: "We intend to utilize RS Software’s expertise for fulfilling advanced needs of the customers to perform instant payment transactions."
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By GlobalData
