A Memorandum of Understanding (MoU) between the National Payments Corporation of India (NPCI) and the Indian Institute of Technology (IIT), Kanpur, paves the way for the exchange of creative ideas and collaboration on the creation of homegrown digital payment solutions. The collaboration will also aid in strengthening cybersecurity safeguards for the goods and services provided by NPCI and its affiliates. The MoU will spur NPCI and IIT Kanpur to work together on a variety of projects.
- With the help of this partnership, distinguished faculty members from the institute will conduct in-depth educational sessions and give lectures to NPCI staff on cybersecurity and the most recent developments in Artificial Intelligence (AI), Machine Learning (ML), Security Product Roadmaps, and Distributed ledger technologies (DLT).
- On the other hand, NPCI would give IIT Kanpur students internship opportunities, giving them the essential experience of working on real NPCI projects.
- IIT Kanpur students’ domain-specific knowledge and skills would help NPCI swiftly carry out the changing demands of customer-focused solutions.
- The MoU’s knowledge-sharing features will be advantageous to both parties and make it possible to create better and more secure digital payment products and services that are focused on advancing the national interest.
In order to manage India’s retail payment and settlement systems, the National Payments Corporation of India (NPCI) was established in 2008. A strong payment and settlement infrastructure has been developed in the nation by NPCI. Through a variety of retail payment products like the RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC FasTag), and Bharat BillPay, it has transformed the way payments are made in India.