The National Payments Corporation of India (NPCI) is feeling the pressure as the Reserve Bank of India (RBI) will issue licenses, in the coming months, to a consortium of financial services players who will set up New Umbrella Entity (NUE) for retail payments. Under the NUE policy of the central bank, the NPCI will have one or more rival retail payments organisations to compete with. "This story actually puts a lot of pressure on the NPCI's management team and the thousand employees of the NPCI. We believe we need to do a lot more. The game has just started and there is a lot more for NPCI to do," said Dilip Asbe, chief executive officer and managing director, NPCI. He was speaking at the virtual launch of Paytm's Soft Point-of-Sale solution for merchants. "With this whole NUE conversation, there is a lot of pressure on the NPCI to kind of continue the innovation journey, and I fully agree (with RBI) that we need more innovation in the payments system, options for the customers, more secure systems, more power to the customers while doing digital payments"— Dilip Asbe, chief executive officer and managing director, NPCI Asbe said that the NPCI was created as a public good and that it had a very high expectations from the regulator and the government. "I would give a lot of credit to the RBI, the Indian Banks' Association and the promoter banks to be able to build an institution like the NPCI and scaling it…
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