Rupay Card
- Indian domestic card scheme
- Similiar to China UnionPay (CUP)
- conceived and launched by NPCI
NPCI
- NPCI - National Payment Corporation of India
- MD & CEO - A P Hota
- an umbrella institution for all the RETAIL PAYMENT SYSTEMS in the country.
- functions as a hub in all electronic retail payment systems in India
- BPSS authorized NPCI for operating in the retail payment systems in September, 2009
- BPSS - Board for Regulation and Supervision of Payment and Settlement Systems
NPCI Products
- National Financial Switch (NFS)
- Immediate Payment Service
- Rupay Card
- Cheque Truncation System (CTS)
- Aaadhar Enabled Payment System (AEPS)
National Financial Switch (NFS)
- conceptualised, developed and implemented by Institute of Development and Research in Banking Technology (IDRBT), Hyderabad
- to inter-connect the ATMs in the country
- RBI granted authorization to NPCI to take over NFS from IDRBT in October, 2009
- NPCI has taken over NFS operations from December 14, 2009.
Immediate Payment Service (IMPS)
- capable of processing P2P(Person to Person), P2A (Person to Account) and P2M (Person to Merchant) remittance
- transactions can be initiated from Mobile, Internet as well as ATM channel.
- In addition to banking customers,non-banking customers can also avail the IMPS facility through Reserve Bank of India (RBI) approved PPIs.
- PPI -Prepaid Payment Instruments in India
- Prepaid payment instruments are those which facilitate purchase of goods and services against the value stored on such instruments
