NPCI the enabler of India’s dream of less cash society

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.
BHIMLaunched 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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