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India’s NPCI Seek Blockchain Expertise in Revolutionizing Payment Systems

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While India maintains a cautious approach towards cryptocurrencies, the nation remains open to the possibilities offered by blockchain technology. Recently, the National Payments Corporation of India [NPCI], an umbrella organization overseeing all retail payment systems and led by the Reserve Bank of India [RBI], has actively embarked on a search for a seasoned blockchain technologist. This individual will play a pivotal role in exploring the potential of blockchain technology within modern payment systems.

Demonstrating their commitment, NPCI posted a job listing on LinkedIn for the position of Head of Blockchain. The primary mission of this role is to identify opportunities where blockchain-driven solutions can be harnessed in collaboration with both internal and external stakeholders. Following the proof of concept [POC] phase for identified areas, the selected candidate will be responsible for the comprehensive design and implementation of a blockchain-based network.

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India’s NPCI Seek Blockchain Expertise in Revolutionizing Payment Systems 2

The ideal candidate should possess a minimum of sixteen years of total professional experience, with at least six years dedicated to hands-on development and implementation of blockchain solutions. Additionally, they should have a deep technical understanding of various blockchain platforms and prior involvement in at least two pilot blockchain projects.

At the time of writing, NPCI’s job posting had attracted over 200 applicants, indicating the increasing momentum of NPCI’s blockchain recruitment drive as viable blockchain use cases come to light.

On August 29, NPCI introduced “Falcon,” an open-source project designed to simplify the management and utilization of blockchains based on ‘Hyperledger Fabric,’ with support for Kubernetes clusters. Falcon is poised to empower developers to innovate on blockchain-based payment solutions, facilitating efficient, reliable, and automated deployment of networks and Web3 solutions.

India’s Crypto Stakeholders Urges Policyholders To Lift Shadow Ban

In another development, the newly formed crypto policy advocacy group in India, the Bharat Web3 Association [BWA], has appealed to the government and central bank to restore access to the widely popular real-time payment system, the Unified Payments Interface [UPI], for the crypto industry. This marks a significant push by India’s crypto stakeholders seeking policy changes in the growing industry, following challenges such as heavy taxes, a crypto winter, and a “shadow ban.”

The shadow ban resulted in Indian payment processors severing banking access to crypto exchanges, coinciding with the suspension of UPI services around the same time last year.

The Reserve Bank Of India (RBI) Nearly Ready To Deploy Retail CBDC

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The Economic Times of India (ETI) reported on November 19th that the final steps of the Retail Central Bank-Backed Digital Currency (CBDC) deployment are being completed by the Reserve Bank of India (RBI).

It would be compatible with the country’s current payment systems and would make it easier for people to invest in cryptocurrency markets, a person aware of the developments said ETI.

However, the CBDC platform, which would resemble the NPCI’s universal payments interface (UPI) system, will be hosted by the National Payments Corporation of India (NPCI), according to the ETI’s report.

A person involved in the pilot said:

The e-rupee will be stored in a wallet, the denominations will be available as per the customer’s request, just like you request cash from an ATM. Banks are launching this only in select cities.

Once deployed, retail CBDC will initially be offered as a stand-alone product. However, subsequent integration of the new currency with existing internet banking services can prompt consumers to download an application or digital wallet containing the e-rupee.

Additionally, customers are encouraged to request their bank for e- rupees at specific denominations, which can then be deposited directly into their respective CBDC wallets.

According to the statement:

Banks are in the process of onboarding existing customers and merchants on the app, the transaction railroads are pretty similar to UPI.

The RBI launched A Pilot For A CBDC

The Reserve Bank of India (RBI) began a pilot program for a CBDC Wholesale on November 1st. It set up an experiment with its digital currency, the Rupee. It started out for government securities when conducting secondary market transactions, then spread to wholesale and cross-border transactions afterward. 

According to the RBI’s concept note, the CBDC is meant to enhance current payment methods rather than to completely replace them. Instead of trying to take the place of the current payment systems, it aims to give people another way to pay.

Altogether there are nine institutions participating: State Bank, Bank of Baroda, Union Bank, HDFC Bank, ICICI bank, Kotak Mahindra Bank, Yes bank, IDFC First bank, and HSBC. According to the ETI report, the RBI wants each bank taking part in the trial to test the retail CBDC among 10,000 to 50,000 consumers.

Moreover, the RBI had previously stated that the launch of the first pilot program in the Digital Rupee-Retail segment was anticipated to take place within a month in a few key areas with closed user groups made up of customers and retailers.

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