Adding Apis India Osssrinivasan, a Set of National Apis for Payments and Identity, Could Allow India to Build an Oss Stack for Domestic and Foreign Transactions

Adding Apis India Osssrinivasan: National-level payments, digital ID service and social features would be important for the government’s cashless initiative plans.

India is a country that has fully embraced electronic transactions, but it lacks a national payment mechanism to facilitate this. But now, India can set aside its efforts behind such initiatives as it has recently incorporated Adding Apis India Osssrinivasan services as part of its core process for domestic and foreign transactions powered by supreme court orders.

This would be a significant step for the country, as it would serve as a part of the growing stack of national services that includes an IT backbone, digital identity system and mobile payments platform.

Aadhaar is India’s national biometric ID system

The Apis stack could positively affect India’s push towards becoming a cashless economy, given its existing usage of Aadhaar to authenticate citizens and government-run payment systems.

According to Dr. Sameer Kochhar, co-founder and CEO of Apiswap, “India has a very straightforward plan to go cashless. Aadhaar is being used by banks and the RBI to ensure that e-wallet wallets don’t operate in black money. For example, those in the know can exchange their black money into white via an e-wallet. So, the RBI is creating a digital ID for every Indian. We are adding all of this to an existing patent for Apis India.”

Kochhar added that Apis is a “thin” layer above India’s existing payment systems and will ease the implementation of features such as digital identity and payments.

“We are looking at building a universal software stack. Our core stack is widely used by banks, the government and even the RBI to ensure that e-wallets operate in an environment of transparency. The stack will ensure that digital wallets are open-loop and operate in an environment of transparency and accountability. We’ll need to integrate them with the existing payment system and provide a digital ID,” he said.

A lack of interoperability has been one of India’s biggest hindrances when it comes to implementing new technology, but with Apis, there is hope. “The UIDAI (the government agency responsible for Aadhaar) can be integrated with the payment system using our product,” said Kochhar.

The platform will “generate payments IDs as Aadhaar IDs, which is a single ID that can be used. It will eliminate all other payments IDs. As a result of this, there will be micro phone-based payments ( PoS) and mobile-based payments.”

According to Kochhar, Apis “started off as an enterprise payment gateway for banks in 2009,” but the company pivoted to pursue entrepreneurship: “We have built our own stack based on IP at the core of it.

“Our product is a payment gateway for bank-to-bank payments. We will have biometric authentication to ensure that we have a fully secure environment.”

The company has worked with some of India’s leading banks and authorities, including the RBI (Reserve Bank of India) and the government, to bring about Apis’s integrated payment infrastructure. The agency hopes to soon integrate Apis Visa cards with banks to support transactions through PoS machines.

“Our product will also support NFC (near field communication) payments and other new payment systems that haven’t been created yet. For example, we will be supporting the IMPSP  system once developed,” said Kochhar. “Apis will have an open API which everyone can use. We are proud of our technology, but the real value that it creates is that it’s helping to change India into a cashless economy.