Innovation in Action: NPCI Reimagines the Future of Digital Payments at Global Fintech Fest 2024
MUMBAI, India, Sept. 4, 2024 /PRNewswire/ -- National Payments Corporation of India (NPCI), a key architect in the evolution of India's retail payments landscape, showcased its transformative products and innovations at the Global Fintech Fest (GFF) 2024, with a pavilion that encapsulated the future of digital payments in India, resonating with the event's theme, 'Blueprint for the Next Decade of Finance: Responsible AI, Inclusive, Resilient'.
Each section of the pavilion was meticulously designed to provide an immersive experience, allowing delegates from around the world to engage with the latest advancements in digital payments and understand NPCI's transformative impact on the fintech landscape.
The Honourable Prime Minister of India, Shri Narendra Modi, visited the NPCI pavilion, where he, along with Reserve Bank of India Governor Shri Shaktikanta Das, were captivated by demonstrations of the latest technological advancements in digital payments.
A Journey Through Innovation: NPCI Pavilion Highlights
The pavilion featured distinct zones dedicated to UPI, RuPay, NPCI Bharat BillPay, and NPCI International, each offering a deep dive into the future of digital transactions. These zones were experiential hubs where attendees could witness the power and potential of NPCI's innovations.
- UPI Zone: Demonstrating innovations like UPI Circle, wherein UPI users can delegate payments to their trusted secondary users, and enhanced credit features on the BHIM app, this zone allowed visitors to interact with cutting-edge payment solutions. The UPI ATM, a key attraction, offered a glimpse into the seamless integration of cash deposits and withdrawals with UPI, revolutionising traditional banking interactions.
Developed by NPCI, Unified Payments Interface (UPI) is a real-time payment system that facilitates Person to Person (P2P) and Person to Merchant (P2M) transactions.
- RuPay Zone: Designed as a bus to symbolise the mobility and accessibility of RuPay's offerings, this zone featured National Common Mobility Card (NCMC) technology along with a dispensing machine where visitors could seamlessly get their RuPay NCMCs issued. Furthermore, attendees could acquire any in-trend payment accessories that go beyond the traditional card as a form factor directly from the RuPay On-The-Go (OTG) vending machines, showcasing the ease and convenience of RuPay's latest innovations.
Developed by NPCI, RuPay is a global card network from India with wide acceptance at shops, ATMs, and e-commerce in India and abroad.
- NPCI Bharat BillPay and NPCI International Zones: These areas highlighted NPCI's commitment to expanding the reach of digital payments, both within India and internationally. NPCI Bharat BillPay demonstrated the next generation of bill payment solutions like Bharat BillPay for Business, while NPCI International showcased how India's digital payment infrastructure is making waves globally.
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