India to Strengthen Digital Payments with Blockchain

The National Payments Corporation of India is soliciting interested partners to build a blockchain-powered digital payments platform for the country.

The NCPI (National Payments Corporation of India), an umbrella organisation that operates retail payments and settlements in the country, has announced plans to develop a scalable blockchain-based platform to strengthen digital payments in India.

The NPCI, set up with the guidance and support of the RBI (Reserve Bank of India) and IBA (Indian Banks Association), currently has 56 banks as shareholders.

“NPCI intends to develop a resilient, real-time and highly scalable blockchain solution. It is proposed to develop this solution using an open source technology/ framework/solution,” reads a notification.

To advance its blockchain plan, the NCPI has floated an EOI (expression of interest) to enable bidders to propose their suitability for developing blockchain systems in the payment domain. Only bidders that are a system integrators with expertise in blockchain implementations; a blockchain OEM (original equipment manufacturer) company; or a startup registered with Start-up India are eligible.

Furthermore, the bidder also needs to provide reference to at least two successful blockchain implementations – global or local – that are currently in production and have live transactions taking place. Additionally, the bidder must have at least 25 certified blockchain professionals with implementation experience in blockchain.

The deadline for bid submissions is 23 April 2019.