NPCI proposes Unified Payment Architecture for all retail payments in India
Mumbai, February 5, 2015
National Payments Corporation of India (NPCI), the umbrella organization for all retail payments in India, has released a document containing the technical specifications that corporates, merchants, banks and other institutional players can adopt to send and receive payments in an inter-operable way.
The thrust would be on optimum utilization of smart phones and biometric authentication from the Unique Identification Authority of India (UIDAI), a press release from NPCI said.
"The significance of this development is that merchants would not have to struggle as to how they themselves link with their banks. Software development task would be easier and payment can happen on a real-time, on a 'Request Response' basis," it said.
The security layer as at present remains unchanged. This would also facilitate innovations in a big way within the overall ambit of payments system regulations of the Reserve Bank of India (RBI), it said.
“When implemented fully, India can be one of the leading countries in the world on such initiatives,” NPCI Managing Director and CEO A P Hota said.