National Payments Corporation of India (NPCI) : An Overview of Its Products and Services
- rohanjagtap
- Mar 7, 2023
- 2 min read
The National Payments Corporation of India (NPCI) has played a crucial role in the development of retail payments and settlement systems in India since its founding in 2008. As an organization that operates under the supervision of the Reserve Bank of India and the Indian Banks' Association, NPCI has been instrumental in establishing nationwide standards for business and retail payments. In this blog post, we will explore the various products and services offered by NPCI, from the RuPay card network to the Unified Payments Interface (UPI), and examine how these offerings have revolutionized the retail payments industry in India.
NPCI : Background
In 2009, DPSS granted authorization to NPCI for operating retail payment systems in India and the NFS ATM Network. NPCI took over NFS operations in December 2009 and framed membership regulations for enrolling all banks in the country as members. A Technical Advisory Committee was constituted with two eminent professors of IIT, Mumbai.
NPCI : Products Overview
RuPay
NPCI operates RuPay, India's domestic card network which supports debit, credit, and prepaid cards, and facilitates growth of retail electronic payments in India. It has international network partners including Discover Financial Services, Japan Credit Bureau, and China Union Pay, providing global acceptance footprint and payment solutions to RuPay cardholders.
Immediate Payment Service (IMPS)
India leads the world in real-time payments in the retail sector with IMPS.
National Automated Clearing House (NACH)
NACH is an offline web-based system for bulk push and pull transactions. It provides an electronic mandate platform to register mandates facilitating paperless collection process for corporates and banks.
Aadhaar Payment Bridge System (APBS)
APBS helps the government make direct benefit transfers for various central and state sponsored schemes.
Aadhaar enabled Payment System (AePS)
AePS increases accessibility of basic banking services in underserved areas.
National Financial Switch (NFS)
NFS is the largest network of shared ATMs in India, facilitating interoperable transactions among other value-added services.
Unified Payments Interface (UPI)
UPI is the revolutionary product in the payment system. It enables instant money transfer between any two bank accounts through a mobile phone. It operates 24/7 and is available on all days of the year.
Bharat Bill Payment System
Bharat Bill Payment System is offering one-stop bill payment solution for all recurring payments with 200+ Billers. It aims to simplify the payment process for individuals and businesses alike. By providing a centralized platform for bill payments, Bharat Bill Payment System streamlines the payment process and increases efficiency.
National Electronic Toll Collection (NETC)
NPCI has developed NETC to meet the electronic tolling requirements of the Indian market.
Overall, the National Payments Corporation of India has revolutionized the retail payments industry in India with its various products and services. From the RuPay card network to the Aadhaar Payment Bridge System, the NPCI has played a crucial role in facilitating electronic payments and increasing access to basic banking services. With ongoing developments like the Bharat Bill Payment System and National Electronic Toll Collection, the NPCI is poised to continue driving innovation and growth in the Indian payments landscape.
Comments