Pan-India new umbrella entity has been saved
Pan-India new umbrella entity
Another milestone in India’s payments infrastructure resilience roadmap
Over the past few years, the Government of India has been making strides towards creating a ‘cashless India’, under the larger campaign of building a ‘digital India’. With the support of this push, by FY21, the total volume of digital transactions in India stood at more than 43.7 billion, an average of 119.8 million daily transactions. This number is expected to increase 15 times to an average volume of 1.5 billion daily transactions by FY25.
A key stakeholder in this digital payment journey, the National Payments Corporation of India (NPCI, an umbrella organisation for operating retail payments and settlement systems), has been at the helm of supporting digital transactions. Its offerings include Unified Payments Interface (UPI), RuPay, Bharat Bill Pay (BBPS), Immediate Payment System (IMPS), and National Automated Clearing House (NACH).