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Companies

Indian Central Bank Refuses to Block Crypto Transactions

“The National Payments Corporation of India (NPCI), a central bank-owned retail payments system, has deferred the issue of whether to allow customers to make and receive payments from cryptocurrency trading to commercial banks, according to the Economic Times . Some bankers apparently had asked the agency to block crypto transactions on its network, the paper […]
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Companies

NPCI Launches Hackathon Challenge to Find Alternative UPI Authentication Modes

“National Payments Corporation of India (NPCI) said it will launch ‘NPCI PayAuth Challenge’, a global-level hackathon to get alternatives for the authentication of Unified Payments Interface (UPI) transactions. One of the alternative options for authorisation is biometric. This hackathon is supported by APIX, world’s first cross-border, open architecture API marketplace and sandbox platform. A sandbox […]
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Companies

NPCI launches international arm to take UPI, RuPay to other countries

“The National Payments Corporation of India (NPCI) has launched its international subsidiary NPCI International to take its hugely popular instant payment service Unified Payments Interface (UPI) and card network RuPay to international markets. NPCI’s expansion plans have been on the cards since last year. The formation of the new entity is the first definitive step […]
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Companies

Andhra Pradesh teams up with NPCI for digital payments in hinterlands

“Andhra Pradesh government has announced teaming up with the National Payment Corporation of India (NPCI) and Canara Bank to empower over 15,000 village and ward secretariats with digital payments in the rural areas. The initiative, aimed at providing impetus to digital payments among last mile customers towards financial inclusion was launched by the chief minister […]
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Companies

Digital Payment Adoption Rates Vary Across States

“Indians averaged about 3.85 digital transactions per person between July 2019 and July this year with Chandigarh leading at 38.4 transactions per person. Delhi averages about 9.3 transactions per person, according to the Digidhan database maintained by the Ministry of Electronics and Information Technology (MeitY). It tracks digital transactions across National Payments Corporation of India […]
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Companies

NPCI Weighs Cap on UPI Transactions for Payment Platforms

“The National Payments Corporation of India (NPCI) is thinking of ways to limit the Unified Payment Interface’s (UPI) dependence on any single third-party application.It proposes to do this by restricting the share of transactions of any single payment company, people familiar with the matter said.NPCI owns and operates UPI in the capacity of a not-for-profit […]
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Companies

India Found Cybersecurity Lapses at National Payments Corp in 2019

“A government audit of India’s flagship payments processor last year found more than 40 security vulnerabilities including several it called “critical” and “high” risk, according to an internal government document seen by Reuters. The audit, which took place over four months to February 2019, highlighted a lack of encryption of personal data at the National […]