NPCI-RS Software to make digital payments at fingertips

NEW DELHI: India's technology solution provider RS Software has been awarded a contract from the National Payments Corporation of India (NPCI) to build the Digital Payments enablement platform.

This will facilitate and accelerate adoption of digital payments in India to support the growth of digital-commerce while facilitating financial inclusion in India.

“The NPCI is the umbrella organisation for retail payments in India. It has undertaken to implement the Unified Payment Interface (UPI) that will be used by banks to innovate and launch mobile payment products in India. This is in line with RBI’s Payment System Vision (2012-15) of a cashless society using latest technology,” a statement said.

Unified Payment Interface will offer a simple and secured platform for digital transaction through its Application Program Interface (APIs) and harness the power of the existing payment infrastructure like Aadhar. This will foster a new wave of disruptive innovation in digital payment space that will enable financial inclusion of common people in a digital India.

“NPCI’s decision to award the contract to RS Software for this development is based on our assessment on RS Software’s capabilities which will help us to offer next generation peer-to-peer payment services in near future,” said A P Hota, MD and CEO, NPCI.

“This is the vehicle that will bring together Prime Minister’s Jan Dhan Yojana (comprehensive financial inclusion), Aadhaar (National identity card), and Mobile (India’s 900+ million mobile phone infrastructure) and deliver perhaps the most transformative initiative India has ever taken. It is the enabler for a seamless payment experience in an economy that is being strengthened by new policies and initiatives, and is of critical importance to the future of electronic payments in India,” said Raj Jain, Chairman and Managing Director, RS Software (India).