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National Payments Corporation of India

National Payments Corporation of India (NPCI, Hindi: भारतीय राष्ट्रीय भुगतान निगम) is an umbrella organisation for operating retail payments and settlement systems in India.

National Payments Corporation of India
Native name
भारतीय राष्ट्रीय देयके महामंडळ
Section 8 Company
IndustryPayments
Founded2008
HeadquartersMumbai, Maharashtra, India[1]
Key people
Biswamohan Mahapatra
(Non-Executive Chairman)[2] Dilip Asbe
(MD and CEO)[3][4]
Products
Number of employees
1000+
Websitenpci.org.in

Contents

OrganisationEdit

Founded in 2008, NPCI is a not-for-profit organisation registered under section 8 of the Companies Act 2013. The organisation is owned by a consortium of major banks,[5] and has been promoted by the country's central bank, the Reserve Bank of India. The NPCI was incorporated in December 2008 and the Certificate of Commencement of Business was issued in April 2009. The authorised capital has been pegged at 3 billion (US$42 million) and paid-up capital is 1 billion (US$14 million).

Presently, there are ten core promoter banks (State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC). The Board consists of Biswamohan Mahapatra as the Non Executive Chairman, Nominees from Reserve Bank of India and Nominees from ten core promoter banks.[6] Dilip Asbe is the current managing director and chief executive officer of NPCI after A. P. Hota, who retired from the post on August 10, 2017.[7]

ServicesEdit

The corporation service portfolio now and in the future include:

RuPayEdit

RuPay is a domestic card scheme of India. The card has Magnetic stripe (for Backward compatibility), EMV chip.The RuPay card is now accepted at all the ATMs, Point-of-Sale terminals and most of the online merchants in the country. More than 300 cooperative banks and the Regional Rural Banks (RRBs) in the country have also issued RuPay ATM cards.

Rupay ContactlessEdit

Rupay Contactless is a contactless payment technology feature that allows cardholders to wave their card in front of contactless payment terminals without the need to physically swipe or insert the card into a point-of-sale device.

BHIMEdit

BHIM is a mobile app act as Client software for Unified Payments Interface.

Unified Payments InterfaceEdit

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 and consumers can participate in P2P transfer as long as they both have an account in one of the registered banks. To initiate fund transfer, users have to use any UPI supporting Android or iOS app, link their bank accounts and generate BHIM UPI PIN. Funds can be transferred via the following methods:

  • Virtual Payment Address (VPA): Send or request money from/to bank account mapped using VPA.
  • Account number & IFSC: Send money to bank account.
  • QR code: Send money by scanning QR code with enclosed VPA or Account number & IFSC.

Once the fund transfer is initiated, money is debited from payer's bank account and deposited in the recipient's bank account in real-time. This system works 24x7, including weekends and bank holidays.

Bharat BillPayEdit

Integrated bill payment system, The Bharat bill payment system is a Reserve Bank of India (RBI) conceptualised system driven by National Payments Corporation of India (NPCI). It is a one-stop ecosystem for payment of all bills providing an interoperable and accessible “Anytime Anywhere” bill payment service to all customers across India with certainty, reliability and safety of transactions.

Bharat BillPay has multiple modes of payment and provides instant confirmation of payment via an SMS or receipt. It offers myriad bill collection categories like electricity, telecom, DTH, gas, water bills etc. through a single window. In future biller categories may be expanded to include insurance premium, mutual funds, school fees, institution fees, credit cards, local taxes, invoice payments, etc. An effective mechanism for handling consumer complaints has also been put in place to support consumer regarding any bill related problems in Bharat BillPay

Different Payment Channels Bharat BillPay transaction can be initiated through multiple payment channels like Internet, Internet Banking, Mobile, Mobile-Banking, POS (Point of Sale terminal), Mobile Wallets, MPOS (Mobile Point of Sale terminal), Kiosk, ATM, Bank Branch, Agents and Business Correspondents, by just looking at the Bharat BillPay logo

Different Payment Modes Bharat BillPay facilitates myriad payment modes enabling bill payments. The payment modes options facilitated under the ecosystem are Cards (Credit, Debit and Prepaid), NEFT Internet Banking, UPI, Wallets, Aadhar based Payments and Cash.

Immediate Payment ServiceEdit

Immediate Payment Service is a real time inter bank payment system.

  • Mobile number & MMID: Sent money to bank account mapped using mobile number.
  • Account number & IFSC: Sent money to bank account.

*99#Edit

USSD channel of Unified Payments Interface.

National Automated Clearing HouseEdit

A centralised clearing service that aims at providing interbank high volume, low value transactions that are repetitive and periodic in nature.

Cheque truncation systemEdit

CTS is based on a cheque truncation or online image-based cheque clearing system where cheque images and magnetic ink character recognition (MICR) data are captured at the collecting bank branch and transmitted electronically.

National Financial SwitchEdit

Network of shared automated teller machines in India.

Aadhaar Enabled Payment SystemEdit

A network of Micro ATM using Aadhaar authentication.

BharatQREdit

A common QR code built for ease of payments

BHIM Aadhaar PayEdit

BHIM Aadhaar pay is an Aadhaar based payments interface which allows real time payments to Merchants using Aadhaar number of Customer &authenticating him/her through his/her bio metrics.

National Electronic Toll CollectionEdit

FASTag is a device that employs Radio Frequency Identification (RFID) technology for making toll payments directly while the vehicle is in motion. FASTag (RFID Tag) is affixed on the windscreen of the vehicle and enables a customer to make the toll payments directly from the account which is linked to FASTag.

Recent awards and recognitionEdit

  • NPCI was awarded Golden Peacock Innovative Product/Service Award for the year 2018 for BHIM UPI.[8]
  • NPCI won Policy Change Agent of the Year 2018 by Economics Times.[9]

See alsoEdit

ReferencesEdit

  1. ^ "National Payments Corporation of India". Npci.org.in. Retrieved 2011-03-16.
  2. ^ https://www.npci.org.in/board-of-directors
  3. ^ https://www.npci.org.in/management-team
  4. ^ "Mobile money transfer fee cut to 10p". Indianexpress.com. Retrieved 2011-03-16.
  5. ^ "Watal Report, December 2016" (PDF). Ministry of Finance. Ministry of Finance. Retrieved 14 January 2017.
  6. ^ "B Sambamurthy appointed as NPCI interim Board chairman". Economic Times. 21 September 2017. Retrieved 24 October 2017.
  7. ^ "NPCI names Dilip Asbe as interim CEO, AP Hota retires". Business Standard News. 14 August 2017. Retrieved 9 October 2017.
  8. ^ "NPCI wins Golden Peacock Award for BHIM UPI" (PDF).
  9. ^ "ET Awards 2018 for Policy Change Agent of the Year: NPCI". The Economic Times. 2018-09-07. Retrieved 2018-11-16.

External linksEdit