True partner of the
"transformational growth" Indian economy undergoing, NPCI conceived
and launched series of products and services to ease the cash situation in
India especially during the time of demonetization. Indian
citizens and merchants, a special focus to the general public and small
merchants were greatly benefitted by the initiative.
#NPCI #UPI #BHIM #IMPS
NCPI, the umbrella organization was
created to address the need of payments system of India jointly by Reserve Bank
of India (RBI) and Indian Banks’ Association (IBA) is a not-for-profit organisation. Over last five years, the organization
has worked relentlessly to come out with world-class products and services to match the needs of the hour.
In this post, I would like to talk about the products and
services on payments especially designed for common man, and their phenomenal
features we are not much aware about the products. Though the NPCI initiatives have benefitted both individual and merchants, this blog aims to reach out to common man, and going with the tradition I would focus on the initiative taken for the general public
#NPCI #UPI #BHIM #IMPS
UPI - Unified
Payments Interface (UPI), pilot launch with 21 member banks was first launched
in April 2016. It first allowed Indians to do “Peer to peer” transactions.
Available to smartphone users, this app was the first to merge multi banks
functions under one App.
Benefits for end Customers are round the clock availability,
single application for accessing different bank accounts, Use of Virtual ID is
more secure, no credential sharing, Single click authentication, raising complaint
from Mobile App directly.
BHIM – Launched on
30th December 2016, this UPI app was designed for both smartphones
and feature phones. The Adhaar based app launched *99# service for wide base of feature phone users in semi-urban and
rural India proves to be a true partner of the financial inclusion drive. App
available on play store and i-tunes, the main objective is to get every Indian onboard
to the digital payments system.
User just needs to link his/her BHIM App to the bank
accounts and use host of featues which was previously available to net banking
customers. The features actually helped converge many functions into one The
features includes – Send/ Receive money, Scan and pay, and do transactions.
With creation of Virtual payments address, users can safely
transact without divulging accounts details, it also made the experience much
smoother compared to the other existing transfer process. It made the
transactions instant.
#NPCI #UPI #BHIM #IMPS
IMPS – Fastest
online banking transaction, IMPS first launched on pilot basis in the year
2010. It is a fee based service compared to percentage based remittance
services.
Rupay – RuPay was
introduced as linear extension of all other products available in the payments
system. Having a long run by VISA and MasterCard, RuPay is our own Indian
Payments card. Available in credit,
debit and Pre-paid category it is an complete offering of plastic money. Competitive
pricing and global partnership with Discovery, makes it an emerging leader in
the category
According to news reports, the digital transactions have
grown exponentially over last decade. The introduction of these innovative
products and services empowered the common man of India. No more standing in
banking queues and sending cheques. The digitization also likely to help a lot
on documentation, keeping a prudent check on money laundering and terror
financing.
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