A Memorandum of Understanding (MoU) has been signed between the National Payments Corporation of India (NPCI) and the Indian Institute of Technology Kanpur.
This agreement paves the way for the exchange of creative ideas and collaboration on the development of indigenous digital payment solutions.
According to reports, the collaboration will also aid in strengthening cybersecurity controls for NPCI and its subsidiaries’ products and services. Moreover, the MoU will spur NPCI and IIT Kanpur to work together on a variety of projects.
With the help of this alliance, renowned faculty members from the institute will conduct in-depth educational sessions and share thoughts for NPCI staff on cybersecurity and the latest trends in Artificial Intelligence (AI), Machine Learning (ML), and Security Product Roadmaps, and Distributed Ledger Technologies (DLT).
Besides, IIT Kanpur students will have the opportunity to participate in internship programmes through NPCI, which will give them the invaluable experience of working on live projects of NPCI.
While the domain-centric knowledge and expertise of IIT Kanpur scholars will aid NPCI in swiftly carrying out the changing demands of consumer-oriented offerings.
Commenting on the MoU, Prof. Abhay Karandikar, Director, IIT Kanpur said, “IIT Kanpur has been at the forefront when it comes to developing secure and innovative solutions to digital transaction and storage of data. The institute houses the C3i Hub dedicated solely to developing cyber security solutions and cyber-physical systems. This collaboration with NCPI further strengthens our goal to achieve a holistic cyber secure ecosystem for our country. This association will not only give converge to the best of both the institutions in developing a robust digital payments system but will also pave the way for multi-disciplinary research and opportunities.”
Sharing his views, Antony Prakash, Chief Information Security Officer (CISO), NPCI said, “At NPCI, we are committed to building a robust digital payments infrastructure and are constantly creating innovative offerings for seamless payments system. The association provides NPCI and IIT-K an excellent opportunity to develop advanced technical solutions that will provide customers with a best-in-class, convenient, and safer payments experience. We believe it will usher in the development of a more refined digital payments ecosystem which will further ameliorate any potential bottlenecks in the system.”
Prof. Sandeep K Shukla, Professor, Computer Science & Engineering Department, IIT Kanpur, and Joint Project Director, C3iHub, IIT Kanpur, stated, “IIT Kanpur has been paving the way for critical research and development in the field of cyber security and digital data privacy for long. In recent years, several blockchain-based and other cyber security initiatives have been developed and executed by IIT Kanpur. However, many of them are multi-disciplinary initiatives, and the need for such collaborations in today’s time is very crucial. This association with NPCI is in the same line and would ensure the development of a more secure and holistic ecosystem in the domain of digital payments and collaborative research initiatives.”
The MoU will mutually benefit both parties with its knowledge-sharing nature and will enable the constitution of better and more secure digital payment products and services oriented towards national interest and upliftment.