Tag: National Payments Corporation of India

India aims to establish a mobile commerce society

NPCI wants to establish a unified payment network based on mobile technology

The National Payments Corporation of India (NPCI) has launched a new initiative that calls for the unification of payment interfaces throughout the country. The initiative aims to give consumers more access to financial services through their mobile devices in order to accommodate the growing demand for mobile commerce. India is considered one of the fastest growing mobile payments markets, with a massive number of consumers beginning to rely on their smartphones for shopping online and physical stores.

A unified payment network could make mobile commerce more attractive to consumers

NPCI aims to help establish a Unified Payment Interface (UPI), which will allow consumers to collect and send funds through a mobile network. Such a network would leverage a consumer’s actual identity, providing some degree of security when participating in mobile commerce. Consumers would be able to use a password associated with their mobile devices to authenticate their identity and can use the UPI network to send and receive money in real-time. The demand for such money transfer services has grown as more consumers have begun to gain access to smartphones.

India is home to one of the fastest growing mobile shopping markets

India Mobile Commerce SocietyIndia is home to one of the fastest growing smartphone markets in the world. Currently, only 53% of Indians have bank accounts, but more consumers are opting to side with financial institutions in order to take advantage of mobile payments services. Approximately 80% of Indians currently have access to smartphones, which has created a significant opportunity for banks, especially those that seek to break into the mobile sector. As banks begin to enter the mobile market, more consumers are expected to participate in the mobile commerce space.

Merchants could find new opportunities by engaging the mobile commerce market

A unified payment network could unlock new economic opportunities for merchants in India. These merchants are beginning to feel pressure to engage mobile consumers, but few have been able to do so. In the coming years, new mobile services are expected to enhance the ability of merchants to engage consumers, especially those that rely heavily on mobile shopping.

India is embracing mobile payments

National Payments Corporation of India preparing to consolidate various payment methods

India may be looking to forgo cash in favor of mobile payments. The National Payments Corporation of India, which was established in 2008, has been tasked with consolidating the country’s vast number of retail payment systems. The organization has produced a unified payment interface API, which can be used by banks, merchants, and other institutional entities to support mobile transactions. The API is meant to make it easier for businesses to connect with consumers that have become reliant on mobile devices.

Rapid adoption of smartphones places more focus on mobile payments

The National Payments Corporation of India has taken note of the rapid adoption of smartphones throughout the country. These devices have become favored among consumers for more than just communication. Many people now use smartphones to shop both online and offline, as well as find various sources of entertainment and connect with friends and family throughout the world. Mobile payments have become quite popular due to the adoption of mobile technology.

Unified infrastructure could make mobile transactions more convenient and attractive to both consumers and businesses alike

Mobile Payments  - IndiaThe new payment system that the National Payments Corporation of India is launching is meant to provide a unified infrastructure for organizations interested in mobile payments. Using the system, businesses will be able to receive money from a mobile device, using a single identifier, such as a phone number or virtual payment address. The system will not rely on bank account information, though users will have to actually have money to send if they want to make use of the new infrastructure.

Success of the new payment system could bring more attention to the mobile payments space

The new system is expected to make mobile payments in India more convenient than they already are. The organization is preparing to launch the new system as early as the middle of this year. Its success could add further momentum to the growth of India’s mobile payments sector, which has been receiving strong support from retailers throughout the country.