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This is a list of applications supporting the Unified Payments Interface (UPI), 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. [1]
The NPCI website lists the banks that facilitate UPI, [77] termed as Payment Service Providers (PSP) – listed with their UPI application and handle – and issuers. [77] PSP includes banks which have their own mobile application to facilitate transaction and issuers include banks which don't have their own payments interface and rely on third ...
National Payments Corporation of India (NPCI) is an Indian public sector company that operates retail payments and settlement systems in India. The organization is an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust payment and settlement infrastructure in India.
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.
This code is provided on the cheque books, which is required for transactions along with recipient's account number. RTGS is a large value funds transfer system (with a minimum transaction value of ₹ 200,000 (US$2,300)) where financial intermediaries can settle interbank transfers for their own account as well as for their customers.
NPCI has categorised members of NACH system in three entities: Sponsor banks are allowed to originate transactions the system required, they have a mutual agreement with NPCI and also are members of any payment system approved by the Reserve Bank of India .
The National Financial Switch was launched by the IDRBT on 27 August 2004, connecting the ATMs of three banks, Corporation Bank, Bank of Baroda and ICICI Bank. [3] [4] [5] The IDRBT then worked towards bringing all major banks in India on board and by December 2009, the network had grown to connect 49,880 ATMs of 37 banks, thereby emerging as the largest network of shared ATMs in the country.
NPCI Bharat BillPay Limited (NBBL) doing business as Bharat Connect, and formerly named Bharat Bill Payment System (BBPS) [1] is an integrated bill payment system in India offering interoperable and accessible bill payment service to customers through a network of agents of registered members as Agent Institutions (AI), enabling multiple payment modes, and providing instant confirmation of ...