Blockchain Solution For Digital Transactions Planned By India’s Payments Corporation

Blockchain, News | April 15, 2019 By:

The National Payments Corporation of India (NPCI) is planning to develop a blockchain solution to further strengthen digital payments.

NPCI is an umbrella organization for all retail payment systems in India. The organization is owned by a consortium of major banks, and has been promoted by India’s central bank, the Reserve Bank of India (RBI). NPCI’s current and future service portfolio includes domestic card scheme RuPay, payment technology Rupay Contactless, mobile app BHIM and bill payment system Bharat, among others.

In a recent notification, NPCI said that it intends to develop a resilient, real time and highly scalable blockchain solution using an open source technology/ framework/solution. In a bid to enable bidders to suggest their ability for developing blockchain in the payment domain, the corporation also floated an Express of Interest (EOI). Entities who are legally registered are eligible to respond to the EOI.

“Bidder can be a system integrator with expertise in blockchain implementations of blockchain OEM company/foundation or blockchain startup registered with Start-up India scheme of Department of Industrial Policy and Promotion (DIPP),” NPCI said. “Bidder should not have been currently blacklisted by any bank / institution in India or abroad. Bidder should provide reference of at least 2 blockchain implementations (global or domestic) which are currently in production and have live transactions taking place. The bidder must have at least 25 certified blockchain professionals along with an
implementation experience in blockchain.”