Indian Payroll Company Seeks Blockchain Technology to Strengthen Digital Transactions

The National Payments Corporation of India [NPCI] Business Today believes that blockchain technology needs to be implemented in order to strengthen digital transactions in the country.

This initiative is promoted by ten banks with the support of the Indian Banks Association [IBA] and it aims to become the "best payment network in the world". It is also an umbrella organization that manages retail payment and settlement systems in India and brings together 56 national banks. With the help and support of the Reserve Bank of India and the IBA, NPCI will work to develop blockchain payment technology to boost digital transactions. An NPCI notification reads as follows:

"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. "

The publication quotes a report from global consulting firm PwC, saying India would be one of the world's blockchain leaders by 2023. Tarun Wig, co-founder of Innefu Labs, said:

"Blockchain stores transaction information between users so that any user can follow them forever for maximum transparency. This gives visibility that can lead to greater efficiency by automating or confirming transactions and increasing the liquidity of the supply chain. "

NPCI has successfully developed the unified payments interface [UPI] payment system and is gaining ground in the country. Total payments jumped in March 2019 compared to August 2016. Total payments in March corresponded to a huge crore of Rs 1.33 lakh, whereas in August 2016 it was Rs. 3, 1 crore.

In July 2018, the major banks of India and other BRICS countries, Brazil, Russia, China and South Africa had signed a Memorandum of Understanding aimed at to develop distributed ledger technology to strengthen the digital economy.