Services that will enable the user to send and receive money online easily to be launched soon
Posted on: 24/Jul/2015 12:02:06 PM
Users will be able to send and receive money online without sharing bank information by using the Unified Payment Interface services which will be offered by the National Payment Corporation of India (NPCI). The service is set to be launched by the end of the year.
An official from the company said, �(We have) awarded the contract to build the digital payment enablement platform to RS Software. Unified Payment Interface will offer a simple and secured platform for digital transaction through its Application Programme Interface (API) and harness the power of the existing payment infrastructure like Aadhaar... Once the infrastructure is in place, it would allow users to send and receive money electronically without requiring bank account information. All they would need is a single identifier such as their Aadhaar number or short payment address or mobile number... We will be ready with the back-end infrastructure by the end of September 2015. We will roll out the service during the October-December period... (The) company is already in discussion with 18 banks, which includes both private and public sector banks. We would like to get started with as many banks as possible. (We) won�t be satisfied if the number of banks is not more than 50... The platform will have security layers built into it to prevent misuse and ensure that money goes to the intended recipient. The new interface will also be a blessing for small-scale banks that do not have the necessary infrastructure to set up their own digital banking products.�
