The organisation has been working aggressively on quickening up the Indian economy’s digitalisation journey.
According to a recent statement made by the National Payments Corporation of India (NPCI), each and every co-operative bank in India will support digital transactions by March 2018.
Managing Director and CEO of the NPCI, A.P. Hota, said in a statement that at the moment, most large private banks and all public sector undertakings are already covered under the Unified Payments Interface (UPI) ecosystem, and the NPCI is working on bringing the co-operative banks under the same umbrella as well. He predicted that all such banks which have computerised their operations would soon adopt digital transactions as well.
Currently, as many as 56 banks in India already offer UPI facilities, he added, while several major technology organisations like Google Inc, Facebook Inc, and WhatsApp Inc already talking to the NPCI in order to enable UPI-enabled payment facilities on their platforms, which is expected to create a massive push for digital payments in India.
Google has reportedly already requested RBI to evaluate its application for Android Pay to be integrated with UPI, but although the Union government has set a target of as many as 25 billion digital transactions this financial year, the NPCI has been unable to achieve the target for the first quarter. Hota stated that out of the target of 4 billion transactions in the first quarter, the NPCI has achieved only 3.4 billion transactions, but it is aggressively trying to make up for the deficit in the current quarter.
On the other hand, out of the Union government’s Rs 25 billion transaction target, the NPCI is attempting to bag 10 billion transactions within the first half of the financial year, and the remaining 15 billion in the second half. In order to do this, said Hota, it is trying to concentrate on bill payment system, transit system, and e-tolling at toll gates on national highways. In reference to this, the Bharat Interface for Money (BHIM) App had already exceeded 16 million downloads and had an active customer base of more than 4 million, as of June 2017, making it one of the most common platforms in the country which facilitate simple, easy, and quick digital payments.
Remarking on it, Hota said that the number of transactions being made using the BHIM App is rising rapidly ever since its launch on December 30, 2016, by Prime Minister Narendra Modi, and the number of downloads it has had already marks a significant achievement for the country on its journey towards a less-cash society.