Blockchain technology has been gaining momentum in various sectors, such as finance, supply chain, healthcare, and more. However, one of the most promising applications of blockchain is in the field of payments, where it can offer faster, cheaper, and more secure transactions.
One of the leading organizations that is exploring the potential of blockchain for payments is the National Payments Corporation of India (NPCI), an initiative led by the Reserve Bank of India (RBI) and 247 Indian banking companies. NPCI owns and operates the Unified Payments Interface (UPI), India’s home-grown instant payment system that facilitates inter-bank peer-to-peer and person-to-merchant transactions.
UPI has been a huge success in fortifying the Indian payments landscape, with over 3.5 billion transactions worth over Rs 6.5 lakh crore in August 20231. UPI has also garnered interest from other jurisdictions, such as Singapore, Malaysia, UAE, France, BENELUX countries, Nepal and the UK, which have adopted the UPI payments system in varying degrees2.
However, NPCI is not resting on its laurels and is constantly looking for ways to improve and innovate its payment solutions.
One of the key areas that NPCI is focusing on is blockchain technology, which can offer several benefits for UPI and other payment systems.
According to a recent LinkedIn job posting, NPCI is on the lookout for a seasoned blockchain technologist to head and investigate opportunities for blockchain in current-day payment systems.
The ideal candidate will have at least six years of experience in developing and implementing blockchain solutions and will be primarily tasked with identifying “avenues wherever blockchain-driven solutions can be used.”
The senior leadership role also demands an in-depth technical understanding of multiple blockchain platforms and previous experience working on at least two pilot blockchain projects.
The job posting indicates that NPCI is serious about exploring the use of blockchain for its payment systems and is seeking a qualified expert to lead its efforts.
