NPCI India Scouting for Blockchain Innovator to Modernize Payment Ecosystem
The National Payments Corporation of India (NPCI) is searching for a Head of Blockchain to develop and implement blockchain technology in its processes.
The NPCI is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA).
The National Payments Corporation of India (NPCI) is seeking a Head of Blockchain, per a job posting on LinkedIn.
An initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA), the NPCI manages India’s Unified Payments Interface (UPI). As the country’s instant payment system, UPI facilitates interbank peer-to-peer and person-to-merchant transactions via mobile devices.
The job description requires candidates to hold a Bachelor of Engineering degree and have at least 16 years of experience. Additionally, they should have a minimum of six years’ experience in developing, adopting, and implementing blockchain technology at a financial services organisation.
The ideal candidate should also have previous experience working on at least two pilot blockchain projects and an in-depth understanding of multiple blockchain platforms.
Job responsibilities for the Head of Blockchain role include identifying avenues where blockchain-driven solutions can be used, supporting a blockchain-based network, and owning the entire implementation lifecycle.
At the time of writing, the job has received 587 applications.
India’s Crypto Vision
This job posting comes as India is preparing to launch its central bank digital currency (CBDC) at a national level by the end of this year.
Last year, the country piloted two CBDC projects. The first, called CBDC-W for wholesale use, began on November 1 with nine participating banks. The second – CBDC-R for the private sector and Indian citizens – was launched on December 1 in four cities: Mumbai, New Delhi, Bengaluru, and Bhubaneswar.
Four banks were initially involved in the CBDC-R, including the State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank. The CBDC-R pilot has since expanded to 15 cities.
According to a recent Reuters report, RBI Deputy Governor T Rabi Sankar said that the bank is targeting 1 million CBDC transactions per day by the end of this year.
As of June 2023, 1.3 million customers and 300,000 merchants are using the digital currency.
The central bank aims to implement CBDC not solely as a payment tool but as a form of digital currency.
Sankar emphasized the need for a distinct strategy to encourage CBDC adoption, clarifying that there were no plans to provide incentives for CBDC use and that it wasn’t in competition with UPI.
Any data, text, or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results.
The Trust Project is a worldwide group of news organizations working to establish transparency standards.