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Tag: NCPI

Jan42017 by Team - The Digital IndianNo Comments
PM Modi’s BHIM app hits 5-mn downloads mark

PM Modi’s BHIM app hits 5-mn downloads mark

Technology
The BHIM (Bharat Interface for Money) app has seen 5 million downloads since its launch on December 31, reports Shritama Bose in Mumbai. National Payments Corporation of India (NPCI) MD and CEO AP Hota told FE on Tuesday that the number of user registrations on BHIM so far is 1.5 million. He added financial transactions on USSD (Unstructured Supplementary Service Data) — a digital payments platform for feature phones — had jumped to 7,000-8,000 a day, up from 1,000 a day before November 8. Hota said by March the Unified Payments Interface (UPI) platform can be used to pay utility bills and insurance premiums. He believes more merchants will transact on UPI once the Indian Banks’ Association decides on the interchange rate. “While RBI has capped merchant discount rates, or the ...
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Dec82016 by Team - The Digital IndianNo Comments
Why UPI is getting a cold response while Paytm is riding the wave

Why UPI is getting a cold response while Paytm is riding the wave

Technology
Long before demonetization and a scramble to find alternatives to cash, India had laid out a unique tech infrastructure for a digital economy. Its cornerstones were a unique biometrics-based Aadhaar ID for every citizen to enable authentication, and a unified payments interface (UPI) to simplify money transfer. India is on the cusp of leapfrogging. It’s called “India stack.” Tech evangelists helped put it together, and it includes other digital enablers like eSign and a digital locker, all backed by government and the Reserve Bank of India (RBI). Bill Gates was so impressed with it on a recent visit that he exclaimed: “India is on the cusp of leapfrogging!” But leapfrogging only happens with mass adoption. Although Aadhaar had identified and authenticated a billion Indians, and UPI ...
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