Indian SSI system declared a digital public good, country signs DPI deal with UAE
Credebl has been added to the Digital Public Goods Alliance (DPGA)’s registry as India partners with the United Arab Emirates to aid in the implementation of a digital payment system.
Credebl’s open source platform meets DPG requirements
Credebl, a verifiable digital credential system by Pune-based blockchain business services provider AyanWorks, is one of the newest additions to the DPGA’s registry of digital public goods (DPG), according to a company announcement.
The Credebl system amplifies the adoption of verifiable digital IDs by simplifying the process of issuing and storing data using the core components of self-sovereign identity (SSI). It meets the DPGA’s standards for digital public goods as an open-source platform that adheres to privacy and other applicable laws and best practices, does no harm, and is relevant to the UN’s Sustainable Development Goals (SDGs).
“AyanWorks Technology Solutions will benefit immensely with this global and unique recognition, which is the first in India in the self-sovereign identity technology domain,” says AyanWorks’ CEO, Kalyan Kulkarni. “This recognition will support us to further scale our business operations besides bridging the deficit in the identity and verifiable credentials domain.”
According to a Market and Markets report, decentralized identity was worth $285 million in 2022 and is projected to grow at an 89 percent CAGR rate. “With this prowess of being recognised as a DPG, we will be able to target at least 10-20 percent of market share globally that will help our company grow six to ten times in terms of size and scale,” said Kulkarni.
The company also invokes India’s efforts to provide digital public infrastructure (DPI) like its Unified Payment Interface to other countries around the world, suggesting it will result in the export of DPGs.
India partners with UAE to implement digital payment cards
At the same time, another agreement has been signed for India to support the United Arab Emirates in developing a more traditional DPI for payments. The move does not support SSI, but is intended to give the UAE greater control over its digital payments ecosystem.
The National Payments Corporation of India’s (NPCI) International Payments Limited (NIPL) has reached an agreement with Al Etihad Payments (AEP) to begin a partnership to implement a national digital payment card scheme that will be powered by India’s RuPay card network, according to DD News.
RuPay was launched by the NPCI to provide an alternative to giant multinational payment processors.
The partners will collaborate on an Emirati digital payment card system that will generate e-commerce growth, advance financial inclusion, and align with the UAE’s digital strategy.
Over 750 of RuPay’s debit, credit, and prepaid cards are currently in circulation, says DD News. India’s DPI framework has facilitated fintech growth, with the country seeing a 367 percent surge in digital transactions over the past five years.