New Delhi, NFAPost: The National Payments Corporation of India (NPCI), the apex body created by RBI for operating retail payments and settlement systems in India, has made it clear that it is not involved in cryptocurrency transactions via the Unified Payments Interface (UPI).
The clarification of NPCI comes at a time when the government has already given green signal for the digital currency in the country in the Union Budget 2022/23.
The national body facilitating inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions made it very clear that media reports of allowing the purchase of cryptocurrencies using UP are absolutely wrong.
“With reference to some recent media reports around the purchase of Cryptocurrencies using UPI, National Payments Corporation of India would like to clarify that we are not aware of any crypto exchange using UPI,” clarified NPCI.
NPCI incorporated in 2008 is an umbrella organisation for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country.
It has changed the way payments are made in India through a bouquet of retail payment products such as 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.
NPCI is focused on bringing innovations in the retail payment systems through the use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payments solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.