The National Patents Corporation of India (NPCI) has filed a patent application form for its Unified Payments Interface (UPI) system that was launched earlier this year in April and went live in the county last month i.e. August, 2016. Ever since going live, the technology has gained immense popularity among masses.
Unified Payments Interface offers bank customers a seamless payments mechanism to send and receive money via their smartphones, that too in real time. One of the factors that has helped UPI become famous among the masses in absolutely no time is the extraordinary simplicity that it offers to its end-users. All a person requires to make a transfer of funds is a connected smartphone and an identifier such as an email address of the account of the person to whom the money has to be transferred.
In order to make it easier for the Indian banks to offer UPI applications for smartphones, a special effort has been made to build UPI on the extremely secure and robust Immediate Payment Service network. Currently, 21 banks are live on UPI and their apps can be easily downloaded from Google Play Store.
NPCI, which is a RBI backed entity, was able to develop and make the back end payments settlements technology a reality with strong support from banks in India.
UPI is being considered as a major step taken by the Indian banking sector to make Indians more accepting of digital payments and make small value transactions between individuals and for merchants much easier than before.
According to NPCI’s chief operating officer Dilip Asbe, the corporation has already taken the first step for filing of a patent in India, and now all they have to do is wait and see if such a platform is the first of its kind all around the globe. According to him, it is a long drawn process and would take sometime. He also explained that one of the major reasons behind filing the patent is, that the NPCI wanted to ensure that no one is able to replicate its wonder product.
Apparently, the NPCI is also mulling about filling patents abroad as well. If this does happen, then this would be the second Indian homegrown technology platform that would export to other parts of the world after Aadhaar.
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