Mumbai: A memorandum of understanding (MoU) has been signed between MicroSave and NPCI (National Payments Corporation of India) to initiate collaboration to support the Jan Dhan Yojana, boost digital transactions and to accelerate creation of less-cash economy in India through RuPay, IMPS, AePS and UPI. NPCI will be working with commercial banks and will be supported by MicroSave in this programme.
Mr. A. P. Hota, MD & CEO, NPCI, Mr. S. K. Gupta, Chief Project Officer- Financial Inclusion & New Business, NPCI, Mr. Pushpinder Singh, Head -Financial Inclusion & New Business, NPCI, Mr. Puneet Chopra, Associate Director, MicroSave, and Vivek Gupta, Manager, MicroSave were present on the occasion of signing of the MoU.
“It is an honour and a privilege to be associated with NPCI to collaboratively move forward the vision of financial inclusion, and a digital and a cashless India. NPCI has transformed digital payments through world class products and services like NFS, NACH IMPS, APBS and made them accessible to the common man through RuPay and AePB platforms. With UPI, BBPS and other building blocks of the India Stack, payments are likely to be further transformed. We at MicroSave have been contributing to the cause of financial inclusion and to democratise financial services in India and several emerging markets. In collaboration with NPCI and other commercial banks, we hope to catalyze, accelerate and scale it further. India is well on its way to create a proven blueprint for the world for micro payments, nano credit and a host of financial services for the masses,” said Mr. Puneet Chopra, Associate Director, MicroSave.
“We see this partnership as a welcome move as the initiative would bring us closer to our objective of a less-cash society. Our vision is to touch every Indian with one or more of the electronic payment products by 2020 and we are on the right path,” said Mr. A.P. Hota, MD & CEO, NPCI.
About MicroSave: (www.MicroSave.net)
MicroSave is an international financial inclusion consulting firm operating in eleven offices across Asia and Africa. Our mission is to strengthen the capacity of institutions to deliver market-led, scalable financial services to all people through guiding policy & facilitating partnerships to develop enabling eco-systems; comprehensive, customised strategic advice; and actionable, on-site operational assistance. We have worked to design and implement a variety of financial inclusion models. We partner with participants in financial services ecosystems to achieve sustainable performance improvements and unlock enduring value.
About NPCI: (www.npci.org.in)
National Payments Corporation of India (NPCI) was set up in 2009 as the central infrastructure for various retail payment systems in India and was envisaged by the Reserve Bank of India (RBI) as the payment utility for all banks in the country. During the last five years, the organisation has grown multi-fold from 2 million transactions a day to 20 million transactions now. From a single service of switching of inter-bank ATM transactions, the range of services has grown to Cheque Clearing, Immediate Payments Service money transfer (24×7), Automated Clearing House, Electronic Benefit Transfer and a domestic card payment network named ‘RuPay’ to provide an alternative to international card schemes. Currently, there are over 250 Million RuPay Cards in circulation.