The National Payments Corporation of India (NPCI) is looking to implement blockchain technology, it has been revealed.
It is hoped that the distributed ledger technology will strengthen digital transactions within India.
NCPI is an organisation which operates as an umbrella for retail payments across the country, and it will look at the potential for blockchain in the payments space with help from the Indian Banks Association (IBA) and the Reserve Bank of India.
The initiative involves the backing of 10 banks, as well as the IBA. NCPI was the organisation behind the Unified Payments Interface (UPI) system which is being used by many payment solution platforms in India.
In a statement, NCPI said: “NCPI intends to develop a resilient, real time and highly scalable blockchain solution. It is proposed to develop the solution using an open source technology/framework/solution.”