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Unified Payments Interface (UPI) is an Indian instant payment system as well as protocol developed by the National Payments Corporation of India (NPCI) in 2016. The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions.
BHIM (Bharat Interface for Money) is an Indian state-owned mobile payment app developed by the National Payments Corporation of India (NPCI), based on the Unified Payments Interface (UPI). Launched on 30 December 2016, [ 1 ] it is intended to facilitate e-payments directly through banks and encourage cashless transactions.
The Prime Minister of India, Narendra Modi, launched the RuPay scheme in Singapore on 31 May 2018. The launch took place in parallel with related services offered by the NPCI, such as UPI and BHIM. The State Bank of India, Singapore will be the first bank to issue RuPay cards in the country. [114]
PhonePe is an Indian digital payments and financial services company headquartered in Bengaluru, Karnataka, India. [5] [6] It was founded in December 2015, [7] [2] by Sameer Nigam, Rahul Chari and Burzin Engineer. [8]
UPI ID Mobile Number Sound Pattern [25] [26] Bank Account Number with IFSC Recurring Payments (UPI AutoPay) Foreign Inward Remittance Payments without Internet/Network (UPI Lite X) Feature phone compatibility [27] UPI OneWorld (for tourists) ATM Withdrawal International Payments [28] 117.6 (2023) [29] [30] Immediate Payment Service (IMPS) India ...
The Reserve Bank of India (India's Central Bank) maintains this payment network. Real-time gross settlement is a funds transfer mechanism where transfer of money takes place from one bank to another on a 'real time' and on 'gross' basis. This is the fastest possible money transfer system through the banking channel.
In July 2021 One97 Communications filed a draft red herring prospectus with the Securities and Exchange Board of India to launch its initial public offering (IPO). [63] [64] It launched its IPO in November 2021, raising ₹ 18,300 crore (US$2.1 billion) at a valuation of US$ 20 billion. [65] It was the largest ever IPO in India. [66]
On November 18, 2020, Google launched a companion app in the United States. It functions as an expansion of the Singaporean and Indian versions of the app. The company announced the Google Wallet companion app during the 2022 Google I/O keynote, [ 3 ] which replaced the 2018 Google Pay app while co-existing with the 2020 one after it was ...