Nandan Nilekani: UPI, AA and ONDC will revamp Indian supply chain : Nandan Nilekani

The unified payment interface (IPU), Account Aggregation (AA) Framework and Open Network for Digital Commerce (ONDC) to Combine to Revolutionize Indian Market supply chain ecosystemsaid the President of Infosys Nandan Nilekani.

Nilekani was speaking at the launch of new UPI solutions by the National Payments Corporation of India (NPCI) during the Global FinTech Festival.

The lending and payments ecosystem, he said, will benefit from the new solutions deployed and this will help more of the population to join the digital transaction ecosystem.

This combination of credit made possible by UPI, AA and ONDC will fundamentally reorganize the supply chain to make it more efficient and easier to deliver products and services to everyone, he said. declared.

The ONDC will have a significant impact on e-commerce by enabling retailers, suppliers and logistics companies to engage with each other and will, in turn, impact hyperlocal commerce and large commerce, Nilekani added.

NPCI launched solutions like RuPay Credit Card on UPI, UPI LITE and Bharat BillPay cross-border bill payments.

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Nilekani said it would expand the reach of the digital stack across the country.

“Today we have about 260 million people using UPI. With the launch of UPI offline, I believe we can add another 500 million people to the payment system,” he said.

It will also broaden the base of the approximately 150 million users who use the Aadhaar Compatible Payment System (AEPS), he said.

“We have an existing credit product like Rupay, and by making it available on UPI, it will open up more forms of credit on UPI, and as a result there will be new native capabilities on UPI, like BNPL (buy now and pay later), etc,” he added.

Giving UPI’s roughly 400 million users access to native credit products like BNPL will democratize consumers’ use of credit in a healthy way using data, Nilekani said.

NPCI’s technology infrastructure is among the most advanced in the world and has been built entirely on an ultra-low cost open source stack using commodity hardware and designed for scale.

“And this infrastructure is now being re-applied to other applications. They have IMPS (Immediate Payment Service) and BBPS (Bharat Bill Payment Service). So the underlying core infrastructure is now standardized by NPCI, this which is a phenomenal technical achievement,” he added.

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