NPCI invites Global players for its Blockchain solution

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          National Payments Corporation of India vide Notification released couple of days back , has invited EOIs from Global Players to be parts of its Blockchain journey.
      
    Bidders interested in showcasing their capabilities in distributed ledger technology / Blockchain in the payment domain are encouraged to take part in this EOI-Expression of Interest.

          NPCI intends to develop a Resilient, Real Time and Highly Scalable Blockchain solution. The proposed NPCI distributed ledger technology / Blockchain  solution is to be on an open source technology/framework/solution.

Reading of various articles available on World Wide Web show that the current Blockchain solutions are primarily focussed on the Trade Border Payments.

Examples of few such articles are :

SWIFT India and MonetaGo Partner to Benefit Indian Banks dt 20/11/2018

SWIFT Announces PoC Gateway With R3, but Remains Overall Hesitant About Blockchain

          Japan is the first major world economy to rollout a blockchain-based domestic payments system.

MoneyTap, developed by Ripple Labs and SBI Holdings joint venture SBI Ripple, will enable Japanese users to circumvent the lengthy, charged payments process available via the Zengin system.

SBI Holdings is not be confused with SBI-State Bank of India.

SBI Group is a humungous financial services company based in Japan, which has investments in sectors like Information Technology, Biotechnology, life science, mobile/wireless, environment, and energy.

SBI Holdings, Inc., together with its subsidiaries, engages in the online financial service businesses and investment activities in Japan and internationally.

Read more about SBI Holdings @ https://www.sbigroup.co.jp/english/company/group/sbirippleasia.php

Financial Times noted that “Japanese banks charge customers about $3 to transfer even small amounts of money to other accounts via the Zengin domestic payments system, which only operates until 3pm on weekdays, meaning people often have to wait a day or more for money to arrive.”

“That is much more expensive and slower than in many other countries,” it added.
In
 opposition to this system, MoneyTap will offer free and near-immediate payments.


More about ‘Money Tap App’

・ You can send money directly from your bank account to your bank account without charge , and it will not take time for deposit and withdrawal.

・ You can send money in real time 24 hours a day, 365 days a year.

・ Authentication at the time of remittance also realized smart and simple remittance experience by fingerprint authentication.

・ You can send money by mobile phone number or QR code without knowing the other party's account number.

          In the next few months, as bidders submit their vision document to NPCI and bids are finalised, there will be more clarity on India’s journey on Blockchain for Domestic Payments.

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