"The NPCI has indicated that the system will be ready in 18-24 months," said G Padmanabhan, RBI Chief General Manager (department of payment & settlement and systems.
It is also expected to cut down transaction charges for banks. Most of the debit and credit cards operative in the country at present are serviced by these two providers. IndiaPay is being developed with support from Reserve Bank of India and developed by the National Payments Corporation of India (NPCI) which has been assigned the task by RBI.
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