National Payments Corporation of India – NPCI

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  • National Payments Corporation of India (NPCI) is an umbrella organization for all retail payment system in India.
  • It is under the provisions of the Payment and Settlement Systems Act, 2007.
  • NPCI was set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA).
  • National Payments Corporation of India has 10 promoter banks.
  • In 2016 the shareholding of NPCI was broad-based to 56 member banks to include more banks representing all sectors.
  • NPCI has been incorporated as a “Not for Profit” Company.

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NPCI National Payments Corporation of India

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NPCI Developments

Bharat Bill Payment System (BBPS)

  • Bharat bill pay is an integrated bill payment system in India
  • It enables multiple payment modes, and providing instant confirmation of payment.

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National Electronic Toll Collection (NETC)

  • NETC offers an interoperable nationwide toll payment solution
  • It enables a customer to use their FASTag as payment mode on any of the toll plazas

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FASTag

  • FASTag is a device that use Radio Frequency Identification (RFID) technology
  • It enables automatic toll payments while the vehicle is in motion.
  • FASTag (RFID Tag) is affixed on the windscreen of the vehicle
  • It enables a customer to make the toll payments directly from the account which is linked to FASTag.
  • FASTag was 1st used as a pilot project in 2014 on the Golden Quadrilateral between Ahmedabad and Mumbai.

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FASTag

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Aadhaar Enabled Payment System (AePS)

  • AePS is a bank led model which allows online interoperable financial inclusion transaction at PoS (Micro-ATM) through the Business correspondent.
  • AePS allows you to do six types of transactions.
    1. Cash Withdrawal
    2. Cash Deposit
    3. Balance Enquiry
    4. Aadhaar to Aadhaar Fund Transfer
    5. Mini Statement
    6. Best Finger Detection

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National Automated Clearing House (NACH)

  • NACH is a centralised system, consolidate multiple ECS systems running across the country
  • It uses as an automated monthly payments system
  • NACH’s Aadhaar Payment Bridge (APB) System helping the Government in making the Direct Benefit Transfer scheme a success.

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National Financial Switch (NFS)

  • NFS maintains high standards of application and network for ATM in India.
  • It allows Cash Withdrawal, Balance Enquiry, PIN Change and Mini Statement, Interoperable Cash Deposit, Mobile Banking Registration, Card-to-Card Fund Transfer etc.

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Cheque Truncation System (CTS)

  • Extended cut off time for acceptance of Customer Cheques by banks
  • Cheque Truncation System is an easy way to retrieval of information.
  • It reduces timelines for clearing Cheques.

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UPI

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Unified Payments Interface (UPI)

  • Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application
  • It is merging several banking features, seamless fund routing & merchant payments into one hood.
  • UPI enables “Peer to Peer” collection or sending money
  • It was launched on 11th April 2016.
  • UPI enables immediate money transfer through mobile device round the clock 24*7 and 365 days.
  • Only fixed and savings account could be linked with UPI.
  • Upper limit per UPI transaction is Rs.1 Lakh.
  • UPI, built based on IMPS technology.
  • There is no need to pre-load money in wallets to transfer through UPI.

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UPI-2

  • Customers can now link their overdraft (OD) account
  • Invoice to Inbox feature for  verified merchants
  • Check the merchant’s credentials using a QR code
  • One Time Mandate feature, which allows users to schedule a payment

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Bharat Interface for Money (BHIM)

  • It is an app that lets you make simple, easy and quick payment transactions using Unified Payments Interface (UPI).
  • You can make instant bank-to-bank payments and Pay and collect money using just Mobile number or Virtual Payment Address (UPI ID).

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BHIM Aadhaar Pay

  • It enables Merchants to receive digital payments from customers over the counter through Aadhaar Authentication.
  • Per transaction limit is Rs.10,000

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Rupay card

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RuPay Card

  • RuPay is a card payment system like Visa or Masters card.
  • Transaction charges for using RuPay is much lower than other international cards.
  • It would lead to lower cost of clearing and settlement for each transaction.
  • RuPay also promote digital transaction in rural India.
  • Now RuPay card can be used in Singapore, Bhutan, UAE and some other country.

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RuPay Contactless

  • RuPay Contactless specifications are open standards, interoperable and scalable and can be adopted by all card schemes.
  • To provide a mechanism for including Low Value Payments (LVPs)
  • This card can be used for transit payments (Bus, Metro, Cab etc.), toll, parking, small value offline retail payments as well as normal day to day retail payments.
  • Target of Government of India for implementation of National Common Mobility Card (NCMC) program across the country with the vision of ‘One Card for all Payments

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Bharat QR

  • It is Person to Merchant (P2M) Mobile payment solution.
  • User can scan these QR via BQR enabled mobile banking app and pay using Card linked account / VPA / IFSC + Account / Aadhaar.

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*99#,

  • It is a USSD based mobile banking service of NPCI was initially launched in November 2012.
  • The service had limited reach and only two TSPs were offering this service MTNL & BSNL.

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