How does India Stack work with other existing payment systems in India?

India Stack works alongside existing payment systems in India to provide a robust and comprehensive digital infrastructure. It integrates with various payment systems, banking networks, and financial service providers to enable seamless interoperability and accessibility for users. Here are a few ways India Stack works with existing payment systems:

1. Unified Payments Interface (UPI): India Stack includes the Unified Payments Interface (UPI), which is a realtime payment system developed by the National Payments Corporation of India (NPCI). UPI allows users to link multiple bank accounts to a single mobile application and make instant, secure, and convenient peertopeer (P2P) and merchant payments.

2. Aadhaar Enabled Payment System (AEPS): India Stack leverages the Aadhaar infrastructure to enable Aadhaar Enabled Payment System (AEPS). AEPS allows individuals to transact using their Aadhaar number and biometric authentication, making it accessible for individuals who may not have a traditional bank account.

3. Mobile Wallets and Payment Apps: India Stack integrates with various mobile wallet providers and payment apps, allowing users to link their bank accounts and make digital payments through these platforms. Users can utilize the UPI interface within these apps to send and receive money.

4. National Electronic Funds Transfer (NEFT) and RealTime Gross Settlement (RTGS): India Stack works alongside NEFT and RTGS systems, which are widely used for highvalue transactions and bulk payments. Users can initiate NEFT or RTGS transfers through their bank accounts linked to the India Stack infrastructure.

5. Bharat Bill Payment System (BBPS): India Stack integrates with the Bharat Bill Payment System (BBPS), a centralized bill payment system that enables individuals to pay various utility bills, such as electricity, water, gas, and telecommunications, through a single platform.

By collaborating with existing payment systems, India Stack ensures interoperability and connectivity across different platforms, making it easier for users to access and utilize various payment options seamlessly. It promotes a unified digital ecosystem where users can choose the payment method that suits their needs while enjoying the benefits of a standardized and secure digital infrastructure.