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National Payments Corporation of India


Recently, the National Payments Corporation of India (NPCI) unveiled several new products with an aim to create an inclusive, resilient, and sustainable digital payments ecosystem.


GS III: Indian Economy

Dimensions of the Article:

  1. New Product Offerings in Digital Payments
  2. National Payments Corporation of India (NPCI)

New Product Offerings in Digital Payments:

  • Credit Line via UPI:
    • Allows pre-sanctioned credit lines from banks through UPI.
    • Facilitates offline payments.
    • UPI Tap & Pay enhances QR Code and NFC technology for digital payments.
    • Offers the option to tap NFC-enabled QR codes for payment at merchant locations.
  • Hello UPI:
    • Introduces Conversational Payments on UPI.
    • Enables voice-enabled UPI payments through UPI Apps, telecom calls, and IoT devices in Hindi and English.
    • Future plans include availability in various regional languages.
  • BillPay Connect:
    • Supports Conversational Bill Payments nationwide through a Bharat BillPay-provided nationalized number.

National Payments Corporation of India (NPCI):

  • Purpose:
    • Acts as an umbrella organization for managing retail payments and settlement systems in India.
  • Initiative:
    • Established as a joint initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under the Payment and Settlement Systems Act, 2007.
  • Legal Status:
    • Registered as a “Not for Profit” Company under Section 25 of the Companies Act 1956 (now Section 8 of the Companies Act 2013).
  • Promoters:
    • Promoted by ten major banks, including the State Bank of India, Punjab National Bank, Citibank, Bank of Baroda, and HSBC.
  • Regulatory Board:
    • Headquartered in Mumbai, it is governed by a regulatory board consisting of nominees from the RBI and ten core promoter banks.

-Source: Indian Express

June 2024