MUMBAI: The RBI has prepared the ground for allowing competition to the National Payments Corporation of India (NPCI) to come up through private investments, which could include for-profit companies.

It will also develop new payments methods, standards and technologies and spend on raising awareness of payments systems.In India, currently, the NPCI is the only entity that provides an ecosystem for payments.

The NPCI operates the RuPay and Unified Payments Interface (UPI) networks.

Although it was carved out from the RBI, the NPCI is today a banksowned non-profit company.Last month, in its policy paper on new payments systems, RBI had highlighted the risks of a monopoly.

These included a single point of failure that makes the entity too big to fail, and lack of competition that results in fewer innovations and inefficiencies. | To read full story, visit https://startuparound.com/read/1581489210.4265325/E-pay-platform-NPCI-to-face-competition?ref=audio_experience