India Stack represents a comprehensive suite of open Application Programming Interfaces (APIs) and digital public goods. It is crafted to enhance digital transactions, streamline identity verification, and facilitate data sharing on a grand scale across India.
India Stack comprises several pivotal components:
One of the remarkable achievements of India Stack is its transformation of digital payments, primarily through UPI. This platform has significantly contributed to the fast-paced growth of digital payments, making them accessible and convenient for people nationwide.
According to a PwC India report, UPI transactions are projected to reach a staggering one billion per day by the 2026-27 period, capturing 90% of India’s retail digital payments market.
The Indian Software Products Industry Round Table (iSPIRT) has been instrumental in the development of India Stack. Recent advancements include the emergence of account aggregators and open networks like the Open Credit Enablement Network and the Open Health Services Network. These innovations are set to further enhance the digital infrastructure.
India Stack's influence has transcended national borders, with Memorandums of Understanding (MoUs) signed with various countries. Initiatives such as WANI (Wireless Access Network Interface) aim to provide rural areas with internet access. Looking ahead, iSPIRIT plans to introduce "Sakram" for cybersecurity solutions and the Bharat Distributed Ledger to enforce commercial contracts in the coming year.
These insights into India Stack highlight its significant role in India’s digital transformation journey. As it continues to evolve, its impact is set to expand both domestically and internationally.
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