The National Payments Corporation of India (NPCI) has launched the Vajra Platform to make payments fast and secure. Based on blockchain technology, the primary highlight of the Vajra Platform is that it automates clearing and settlement of payments, drastically reducing the need for manual reconciliation.
The Vajra Platform uses distributed ledger technology (DLT). It uses a permissions model to ensure that only approved parties are a part of the network. Payment companies can apply to be a part of the network. Once approved, they can deploy the platform using an application programming interface (API) that will be provided by NPCI.