NPCI
NPCI need to know
NPCI
The National Payments Corporation of India (NPCI) is an umbrella organization for operating retail payments and settlement systems in India. It was founded in 2008 by the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007.
NPCI has been instrumental in driving the growth of digital payments in India. It has developed and implemented a number of innovative payment systems, including:
- Unified Payments Interface (UPI): An instant real-time payment system that allows users to transfer funds between bank accounts on a mobile platform.
- Immediate Payment Service (IMPS): An instant interbank electronic fund transfer system.
- National Electronic Funds Transfer (NEFT): A nationwide system for transferring funds between bank accounts.
- Aadhaar Enabled Payment System (AEPS): A bank-led model that allows bank customers to use their Aadhaar biometric ID to access their bank accounts and perform basic banking transactions.
- Bharat BillPay (BBP): A bill payment system that allows users to pay their bills online or through a mobile app.
NPCI has also played a key role in promoting financial inclusion in India. It has worked with banks and other financial institutions to develop and implement a number of initiatives, including:
- Pradhan Mantri Jan Dhan Yojana (PMJDY): A national financial inclusion mission that aims to provide every Indian household with a bank account.
- RuPay: A domestic card payment network that offers a wide range of features and benefits to cardholders.
NPCI’s efforts have helped to make digital payments more accessible and convenient for Indians. As a result, the use of digital payments in India has grown significantly in recent years. In 2022, the total value of digital payments in India was ₹203 trillion (US$2.6 trillion).
NPCI is a leading player in the Indian payments industry and is committed to driving the growth of digital payments in India. It is also working to promote financial inclusion and make digital payments more accessible and convenient for all Indians.
