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Draft document on unified payment interface released

Press Trust of India  |  Mumbai 

The National Payments Corporation of (NPCI) today came out with a draft document that seeks to simplify and provide a single interface across all payment systems.

The document on unified payment interface aims to achieve a host of financial goals involving all stake-holders.

It provides a payments architecture that is directly linked to achieving the goals of universal electronic payments, a less cash society and financial inclusion, using the latest technology trends. All these goals have been laid down in the RBI Payment System Vision Document (2012-15).

It contains technical specifications that corporates, merchants, banks and other institutional players can adopt to send and receive payments in an inter-operable way.

NPCI has invited comments from various players and stakeholders on the document. The comments will be accepted till February 14.

By the month-end, NPCI is likely to prepare a final report which will be sendt o the Reserve Bank for approval.

"When implemented fully, can be one of the leading countries in the world on such initiatives (payment system)," NPCI Managing Director and CEO A P Hota said.

This would also facilitate innovations in a big way within the overall ambit of payments system regulations of RBI, he added.

First Published: Thu, February 05 2015. 19:40 IST