WHAT IS INDIA STACK
IndiaStack is a set of APIs (Application Programming Interfaces) that allows governments, businesses, startups and developers to utilise an unique digital Infrastructure to solve India’s hard problems towards presence-less, paperless, and cashless service delivery.
Its founded on core principles that services can be
- Presenceless = capable of being authenticated from anywhere
- Paperless = reliant on digital records
- Cashless = truly universalising the access and usage of digital payments
- Consent based = allowing secure movement of data authenticated by its owners
THE EVOLUTION OF INDIA STACK
- 2009 - UIDAI was created with objective to issue Unique Identification Numbers named as "Aadhaar"
- 2010 UIDAI launched Aadhar Authentication API before the first Aadhaar was issued
- 2011 NPCI launched Aadhar Payments Bridge and Aadhaar Enabled Payments System which uses Aadhar Number as a central key for electronically channelizing the Government Benefits and subsidies
- 2012 UIDAI launched eKYC which allows business to perform Know Your Customer verification process digitally using Biometric or Mobile OTP
- 2015 CCA launches eSign as an open API to facilitate an Aadhar holder to digitally sign a document and MeitY launches Digital Locker, a platform for issuance and verification of documents and certificates in a digital way, thus eliminating the use of physical documents
- 2016 NPCI launches Unified Payments Interface, the most advanced payments system in the world to revolutionise digital payments in India
- 2016 NeGD launches Digital Locker a platform for issuance and verification of documents and certificates in a digital way.
(Source : The India Fintech Report 2020)
India has chosen to have a very different approach to open banking. Unlike many other geographies where instant payment initiatives are running parallel to open data initiatives, India flipped the equation by implicitly launching open banking payments first on what is now widely considered the best real-time payment network in the world.
Based on the success of IndiaStack, over 20 countries have shown interest in studying and implementing a digital identity system inspired by Aadhar and the software stack built around it.
In 2018 Singapore and India had signed a high level agreement to internationalise the IndiaStack which resulted in creation of a joint working group on Fintech to develop API based platforms in ASEAN region.
A number of countries and international agencies such as the World Bank and Gates Foundation have also approached India with help to build digital identity.
(Source : The India Fintech Report 2020)
(Disclaimer : This blog is for educational purposes only. Please read further disclaimers at the bottom of this webpage)
