Draft document on unified payment interface released

The National Payments Corporation of India (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, India 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.