The National Payments Corp of India Introduces One Click for Payments
Meghan Young — March 17, 2015 — Tech
References: npci.org.in & moneycontrol
The National Payments Corporation of India (NPCI) has adopted a Unified Payment Interface. This allows customers to use their mobile number in place of bank account details to make a payment over the phone or on the Internet. By simplifying the purchasing path for people, the Unified Payment Interface ensures a user-friendly experience as well as optimal convenience.
A great option for smaller banks that don't have the proper infrastructure to create their own e-wallet, the Unified Payment Interface provides a slew of possibilities. NPCI states, "Whole focus on simplifying payment, idea is to go for largely cashless system. Not changing infra or getting new payment system so we are creating a facility whereby payments products can be launched by banks using imps."
A great option for smaller banks that don't have the proper infrastructure to create their own e-wallet, the Unified Payment Interface provides a slew of possibilities. NPCI states, "Whole focus on simplifying payment, idea is to go for largely cashless system. Not changing infra or getting new payment system so we are creating a facility whereby payments products can be launched by banks using imps."
Trend Themes
1. Unified Payment Interface - The introduction of NPCI's Unified Payment Interface has simplified the purchasing path and created possibilities for cashless systems.
2. Mobile Payment - The use of mobile numbers in place of bank account details for payments creates a user-friendly experience and convenience, paving the way for more mobile payment options.
3. Simplifying Payment - The whole focus on simplifying payment creates opportunities for businesses to create innovative solutions that provide a seamless and hassle-free payment experience for customers.
Industry Implications
1. Banking - The Unified Payment Interface has created opportunities for smaller banks to offer e-wallet services without the need for extensive infrastructure investment, enabling them to compete with larger banks.
2. Fintech - The use of mobile numbers as a payment measure opens up opportunities for fintech companies to create new and innovative services that make it easier for people to transact in the digital economy.
3. E-commerce - The Unified Payment Interface streamlines the checkout process, increasing the likelihood that consumers will complete their purchase, which could lead to an increase in e-commerce transactions.
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