🚀 Finternet: A New Financial System Integrating Blockchain Technology
#finternet #blockchain #digitalmoney #UPI #financialsystem #tokenization #Solana #fintech #India #interoperability #SOL
According to Blockworks, a new initiative called the 'finternet' is being developed by contributors to India’s UPI digital money system. The Bank for International Settlements, along with financial magnate Nandan Nilekani, co-founder of Infosys, discussed the finternet in a paper published in April. Since then, Nilekani and Siddharth Shetty, a former advisor to the Indian Ministry of Finance, have been promoting the project at various events, including a demo at the Global Fintech Fest in late August and a talk at Solana Breakpoint last month.
The finternet aims to create a forward-looking financial system by tokenizing assets on multiple interoperable financial ledgers, essentially building the economy on blockchain rails instead of traditional financial systems. During the demo, Nilekani showcased the finternet by sending 2,000 rupees and settling the transaction on Solana. Despite being in its early stages, the project has garnered attention due to the involvement of prominent figures like Nilekani and Shetty, who were instrumental in developing India’s Unified Payments Interface (UPI).
UPI, launched by the Indian government in 2016, is a significant digital payments program that processed over 100 billion transactions in 2023. However, the finternet is distinct from UPI, focusing on unifying the financial system across various asset types and geographies. The Solana Foundation and Superteam India, a Solana community organization, are also contributors to the finternet sandbox.
While it remains to be seen how impactful the finternet project will be, its integration with Solana and the involvement of major institutional players suggest it could play a significant role in the future of blockchain-based financial systems.#finternet #blockchain #digitalmoney #UPI #financialsystem #tokenization #Solana #fintech #India #interoperability #SOL
🚀 India Expands Digital Rupee Pilot with New Features
#India #DigitalRupee #CBDC #ReserveBankOfIndia #FinancialInnovation #DigitalPayments #UPI #RealTimePayments #PaymentSolutions #Banking #Technology #FinancialInclusion
According to Foresight News, the Reserve Bank of India (RBI) has announced plans to expand the scope of its digital rupee (CBDC) pilot in its 2024-25 annual report. The expansion will introduce new features such as programmability and offline payments for both retail and wholesale versions.
These enhancements aim to improve the applicability of the digital rupee in areas with limited network connectivity and tailor payment solutions for specific scenarios like government subsidies or corporate spending controls. Currently, the retail pilot involves 17 banks and 600,000 users, with the RBI allowing certain non-bank entities to offer CBDC wallets to further increase adoption. The wholesale pilot has also seen increased participation, with four additional primary dealers joining.
During the same period, India's digital payment transactions grew by 34.8% in volume and 17.9% in value. The Unified Payments Interface (UPI) has positioned India as a leader in the global real-time payments sector, handling 48.5% of the world's real-time payment transactions. The RBI has also introduced innovative features like 'delegated payments' to broaden the reach of digital payments across various social strata.#India #DigitalRupee #CBDC #ReserveBankOfIndia #FinancialInnovation #DigitalPayments #UPI #RealTimePayments #PaymentSolutions #Banking #Technology #FinancialInclusion
🚀 India's NPCI and Razorpay Collaborate with OpenAI for AI-Driven Payments
#NPCI #Razorpay #OpenAI #ChatGPT #UPI #AI #Payments #Fintech #India
According to PANews, the National Payments Corporation of India (NPCI) and fintech company Razorpay announced on Thursday their collaboration with OpenAI to introduce AI-driven payments on ChatGPT. Currently in the pilot phase, this initiative will enable users to make shopping payments through India's Unified Payments Interface (UPI) on the ChatGPT platform.#NPCI #Razorpay #OpenAI #ChatGPT #UPI #AI #Payments #Fintech #India