National Payments Corporation of India: Cutting-Edge Fintech Ecosystem Innovation in India
In recent years, India had experienced a digital revolution, emerging as a forerunner in cashless payments and, in the process, dramatically raising the level of financial inclusion in the country. The National Payments Corporation of India (NPCI), established in 2008 with the mandate to improve national payment systems, became a global gold standard for facilitating innovative financial technology (fintech) solutions. NPCI was created as a not-for-profit "coopetitive" organization, initiated by India's central bank, the Reserve Bank of India, but owned by a consortium of India's leading banks and largely run independently. While NPCI's success in devising an open innovation platform had led to a new competitive playing field, it had also raised the question of whether or not its original coopetitive organizational design was still suitable for sustaining the flow of fintech innovations. Ishtiaq P. Mahmood is affiliated with National University of Singapore. Sadat Reza is affiliated with Nanyang Technological University. Marleen Dieleman is affiliated with National University of Singapore.