NPCI
The name of the NPCI may be heard or not even heard it. Many of you do not know what NPCI is and what works? NPCI's products will be used on a daily basis.
National Payment Corporation of India( NPCI) is a corporation established by the Reserve Bank of India, which has been conceived as a matriculation for various payment systems in India.Established in 2008, NPCI is a non-profit organization registered under Section 8 of the Companies Act 2013.NPCI was incorporated in December 2008 and in April 2009 a business certificate was issued. At present, there are ten major promoters (National Bank of India, National Bank of Punjab, Banana Bank, Baroda Bank, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citi Bank).
Biswamohan Mahapatra is the non-executive chairman on board, nominated by the Reserve Bank of India and Nominate people from ten major banks. After A. P. Hota, Dilip Asbe is the current managing director and CEO of NPCI, who retired from office on August 10, 2017
NPCI's current and future service portfolios include:
1.RuPay
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| RuPay |
RuPay is India's domestic card scheme. The card has magnetic stripe (for backwards compatibility) and an EMV chip. RuPay Card is now accepted in all ATMs, Point-of-Sale terminals and most of the online merchants in the country. More than 300 co-operative banks and regional rural banks (RRBs) have issued RuPay ATM cards in the country.
2.National Automated Clearing House
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| NACH |
A centralized clearing service whose purpose is to provide interbank high volume, low value transactions which are repetitive and periodic in nature.
3.Rupay Contactless
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| Sample of RuPay Contactless |
RuPay contactless is a contactless payment feature, which needs cardholders to flip their card in front of the contactless payment terminal without needing to physically swipe or insert a card in a point-of-sale device(A point of point of sale (POS terminal) is an electronic device used in retail locations for card payment processing). This is an EMV-compatible, contactless payment facility which is similar to MasterCard Contactless, Visa Contactless and Expressway, which uses RFID ( Radio-frequency identification )technology.
4.BHIM
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| BHIM |
BHIM is a mobile app for working as Clientsoftware for Unified Payments Interfaces. BHIM (Bharat Interface for Money) is a mobile payment app developed by the National Payments Corporation of India (NPCI) based on the Unified Payments Interface (UPI).
5.Unified Payment Interface
The Unified Payments Interface is a real-time interbank payment system for sending or receiving money. It is integrated with more than 120 banks in India. Users can participate in P2P transfers as long as both of them have an account in registered banks.
6.Bharat BillPay
The Bharat Bill Payment System is the concept of Reserve Bank of India (RBI) which is operated by NPCI. It is a one-stop ecosystem for payment of all bills, which provides an inter-accessible and accessible "ever" bill payment service with certainty, reliability and security to all customers all over India.It provides innumerable bill collection categories such as electricity, telecommunications, DTH, gas, water bill etc. through a window. More categories may be added for future insurance premiums, mutual funds, school fees, institution fees, credit cards, local taxes, invoice payments etc.
7.IMPS (Immediate Payment Service)
Immediate Payment Service (IMPS) is a quick payment inter-bank electronic money transfer system in India. IMPS offers an inter-bank electronic fund transfer service through mobile phones. Unlike NEFT and RTGS, this service is available 24/7 throughout the year, including bank holidays.
8.CTS(Cheque truncation system)
The full name of CTS is a check truncation system. It does not have to send checks from one bank to another for check clearing. For this, a digital image of the check is sent by scanning, due to which the time of check clearing takes very little time. Not only this, it also saves time and money to send the check from one place to another. In this way it can be said that clearing the check now requires only a few clicks and the check becomes clear.
9.National Financial Switch (NFS)
There are 37 members in the National Financial Switch (NFS) ATM network and NPCI has taken the task of linking about 50,000 ATMs from the Institute for Development and Research in Banking Technology (IDRBT) on December 14, 2009.
10. Aadhaar Enabled Payment System (AEPS)
Aadhaar Enabled Payment System (AEPS) is a medium for getting money from bank account. You do not need your signature nor the Debit Card to get money from this system. You do not need to go to the bank branch to get money through Aadhaar enabled payment system (AEPS). Actually, it uses Aadhaar Card for Authentication. Like UPI and USSD, this is another new initiative of NPCI.
11.National Electronic Toll Collection
FASTag is an electronic toll collection system in India, operated by the Indian National Highway Authority (NHAI). 2] It uses Radio Frequency Identification (RFID) technology to pay toll directly with a connected prepaid or savings account.
12. BHIM Aadhaar Pay
BHIM Aadhaar pay is an Aadhaar based payment interface, which allows real time payments to traders using the base number of customers and certifying them through their biometrics.
2. What can I do with BHIM Aadhar pay?
Merchants can start transactions where customers can pay money using their base number and can prove it by using their biometrics for the goods and services purchased.
Merchant transactions can be seen whether it is a successful transaction, pending transactions or failed transactions.
13. BharatQR
BharatQR is an integrated payment system in India, developed by NPCI, MasterCard, and Visa. The system, which was launched in September 2016, allows users to transfer their money from one source to another. Money transferred through BharatQR is received directly in the linked bank account of the user.
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