IIT Kanpur signs MoU with NPCI to develop secure digital payment solutions

IIT Kanpur has signed an MoU with NPCI to collaborate on developing secure digital payment solutions.

The Indian Institute of Technology (IIT), Kanpur and National Payments Corporation of India (NPCI) have signed a Memorandum of Understanding (MoU) for sharing knowledge on innovative ideas and to collaborate on the development of indigenous digital payments solutions.

The collaboration will also help in the augmentation of cybersecurity controls for NPCI and its subsidiaries’ products and services. The MoU will precipitate a wide array of collaborative efforts between NPCI and IIT Kanpur.

With this collaboration, eminent faculty members from IIT Kanpur will conduct deep informative sessions and deliver lectures for NPCI personnel on cybersecurity and the new trends in Artificial Intelligence (AI), Machine Learning (ML), security product roadmaps, and Distributed ledger technologies (DLT).

NPCI, on the other hand, will offer internship opportunities to IIT Kanpur students, providing them an invaluable experience of working on live projects of NPCI.

The domain-centric knowledge and expertise of IIT Kanpur scholars will aid NPCI in expeditiously executing the ever-evolving requirements of consumer-oriented offerings.

The tie-up will not only help in developing secure and robust digital payment products and services oriented towards national interest and upliftment, but will also pave the way for multi-disciplinary research and opportunities.

Commenting on the MoU, Professor 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.”