Presently many banks do not have their own mobile banking app and are missing out on extending the benefits of the country’s largest retail digital payment system, UPI, to their customer base, NPCI said in a statement.
National Payments Corporation of India (NPCI), an initiative by the Reserve Bank of India (RBI) and Indian Banks Association (IBA), on Wednesday announced the launch of an open source licence model for its BHIM App.
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Under this initiative towards attaining the goal of ‘Digital Payments for All’, the NPCI will licence the source code of BHIM app to regulated entities which do not yet have a Unified Payments Interface (UPI) app of their own, to empower them to launch their own UPI app.
As per a statement by NPCI, presently many banks do not have their own mobile banking app and are missing out on extending the benefits of the country’s largest retail digital payment system, UPI, to their customer base.
"NPCI intends to bridge this gap by extending all the readily available features of UPI to these entities through this BHIM App licensing model which will be an economical and quick-to-market solution for these entities," the statement added.
Further, NPCI aims to extend the new features that get launched on BHIM App to these entities for them to continue accessing BHIM app’s latest features.
NPCI was incorporated in 2008 as an umbrella organisation for operating retail payments and settlement systems in India.
NPCI is an initiative of RBI and IBA under the provisions of the Payment and Settlement Systems Act, 2007. It was initiated for creating a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as Bharat BillPay, RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar and National Electronic Toll Collection (NETC).
The initiative focuses on bringing innovations in the retail payment systems through use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payments solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.
Presently many banks do not have their own mobile banking app and are missing out on extending the benefits of the country’s largest retail payment system – UPI, to their customer base, NPCI said in a statement.
(Edited by : Anushka Sharma)