MoU on sharing INDIA STACK
India and Papua New Guinea signed a significant MoU to share India Stack – a collection of open APIs and digital public goods for identity, data, and payment services.
- India Stack refers to a comprehensive set of Application Programming Interfaces (APIs) that facilitate cashless service delivery. This innovative platform is highly advantageous for developers and startups, enabling them to leverage its capabilities effectively. The remarkable feature of India Stack lies in its seamless cashless payment system, transcending geographical boundaries, as it can be utilized across the entire nation.
- Digital Public Infrastructure (DPI) : A platform that plays a crucial role in delivering essential services, empowering citizens, and promoting digital inclusion.
- India Stack (India’s DPI) : A comprehensive DPI ecosystem comprising of three foundational components has been developed: digital identity (Aadhaar), real-time fast payment (UPI), and account aggregation through Data Empowerment and Protection Architecture (DEPA).
- DEPA allows users to control data sharing, ensuring privacy, security, and seamless information flow.
- India’s collaboration with Papua New Guinea through the MoU opens doors for inclusive governance using India Stack’s APIs and digital public goods.
- The integration of India Stack can streamline identification processes, reaching marginalized communities with welfare and healthcare services.
- DEPA’s data-driven approach empowers individuals with tailored financial services, enhancing wealth generation and financial planning.
- The partnership exemplifies how DPI and India Stack can drive positive change and digital transformation, benefiting millions worldwide.