National Payments Corporation Of India (NPCI)

National Payments Corporation Of India (NPCI)

National Payments Corporation of India (NPCI), an umbrella organisation for operating retail payments and settlement systems in India, is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.

Background

DPSS at its meeting held on September 24, 2009 had given an in-principle approval to issue authorization to NPCI for operating various retail payment systems in the country and granted Certificate of Authorization for operation of National Financial Switch (NFS) ATM Network with effect from October 15, 2009. NPCI had deputed its officials to IDRBT Hyderabad and had taken over NFS operations on December 14, 2009. Membership regulations and rules had been framed for enrolling all banks in the country as members. This was done so that when the nation-wide payment systems are launched, all would get included on a standardized platform.

A Technical Advisory Committee was constituted with two eminent professors of IIT, Mumbai. Prof. N.L. Sarda is the Chairman and Prof. G. Sivakumar is the Co-Chairman of the Technical Advisory Committee. Members in these committees are from banks at the level of Deputy General Manager and Asst. General Manager.

Services provided by NPCI

The corporation service portfolio now and in the future include:

RuPay

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 Contactless

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.

BHIM

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

Unified Payments Interface

Unified Payments Interface is a real time inter bank payment system with sent or request money. Any UPI client app may be use and multiple bank account may be linked to single app. sent or request money can be done following methods.

1. VIRTUAL PAYMENT ADDRESS (VPA): Sent or request money from/to bank account mapped using VPA.
2. Mobile number: Sent or request money from/to bank account mapped using mobile number.
3. Account number&IFSC: Sent money to bank account.
4. Aadhaar:Sent money to bank account mapped using Aadhaar number.
5. QR code:Sent money QR code which enclosed VPA, Account number& IFSC or Mobile number.

Bharat BillPay

Integrated bill payment system

Immediate Payment Service

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#

USSD channel of Unified Payments Interface. 9343210290

National Automated Clearing House

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

Cheque truncation system

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 Switch

Network of shared automated teller machines in India.

Aadhaar Enabled Payment System

A network of Micro ATM using Aadhaar authentication.

BharatQR

A common QR code built for ease of payments

BHIM Aadhaar Pay

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 Collection

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.