The National Payments Corporation of India has awarded a contract to RS Software to construct a digital payments platform.
The platform is being created to accommodate the growth of e-commerce and digital payments in India. It will feature a Unified Payment Interface (UPI) to allow financial institutions' launches of mobile payment products by offering access to the secured DPP through Application Program Interfaces.
For consumers, the platform will also allow them to send and receive money electronically without the need for a bank account. This service will include two-factor authentication, so that funds are not misused and make their way to their intended recipients.
"We intend to utilize RS Software’s expertise for fulfilling advanced needs of the customers to perform instant payment transactions," said NPCI chief executive and managing director A. P. Hota in a news release. "Our strategic association with RS Software foresees a significant contribution to the digital revolution we aim to achieve in the payments arena."
Companies pursuing digital payments in India include Visa, which has opened a local technology development center in Bangalore and partnered with local banks. MasterCard recently opened a development center in Pune to work with entrenched domestic payment networks.
Visa and MasterCard compete with RuPay, the national network. The Indian government does not ban the use of outside networks, but it does encourage the use of RuPay.