Tag Archive for NPCI

Federal Bank launches Scan N Pay

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By Ashok Punatar Mob: 9820746494 Email: ashokpunatar@yahoo.com

Scan N Pay, the innovative mobile based payment App pioneered by Federal Bank, being launched by Mr. A P Hota, MD & CEO, NPCI in the presence of Mr. Shyam Srinivasan, MD & CEO, Federal Bank

Federal Bank announced the launch of its latest innovation “Scan N Pay” today at a function held at Federal Experience Centre, Nedumbassery, Kochi. The product was launched by Shri A P Hota in the presence of the media and Bank officials.

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Payment Companies World-over gather in Mumbai

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By Ashok Punatar Mob: 9820746494 Email: ashokpunatar@yahoo.com

 

National Payments Corporation of India (NPCI) the umbrella organization for all retail payments system in the country, is organizing first-of-its-kind International Conference in India wherein thought leaders of the national-level retail payment systems from 17 countries will partake and share their best practices during a two-day event to be held during May 21-22, 2015 in Trident, BKC, Mumbai.

Prominent Card and Payment System syndicates for instance UnionPay International (China), Discover Financial Services (USA), Japan Credit Bureau (Japan), Vocalink (UK), Interac Association (Canada), EFTPOS Payments (Australia), Malaysian Electronic Payment System (Malaysia), Interswitch (Nigeria), LankaClear (Sri Lanka) etc. will join for the event.

NPCI now processes 18 million inter-bank transactions each day and has created a vision ‘to touch every Indian with one or other electronic payment products by 2020.” The international conference will help NPCI learn the best practices from other countries to move from a largely cash-economy to a cash-less economy,” says Shri A P Hota, MD & CEO, NPCI.

About NPCI

National Payments Corporation of India (NPCI), which has been set up in 2009 as the central infrastructure for various retail payment systems in India, was envisaged by the Reserve Bank of India as the payment utility for all banks in the country. During the last five years, the organization has grown multi-fold from 2 million transactions a day to 18 million transactions now. From a single service of switching of inter-bank ATM transactions, the range of services have grown to Cheque Clearing, Immediate Payments Service money transfer (24×7), Automated Clearing House, Electronic Benefit Transfer and a domestic card payment network named ‘RuPay’ to provide an alternative to international card schemes.

NPCI proposes Unified Payment Architecture

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By Ashok Punatar Mob: 9820746494 Email: ashokpunatar@yahoo.com

National Payments Corporation of India (NPCI), the umbrella organization for all retail payments in India, has released a document containing the technical specifications that the corporates, merchants, banks and other institutional players can adopt to send and receive in an inter-operable way. Thrust would be on optimum utilization of smart phones and biometric authentication from UIDAI.

The significance of this development is that merchants would not have to struggle as to how they themselves link with their banks. Software development task would be easier and payment can happen on a real-time, on a “Request Response” basis.

The security layer as at present remains unchanged. This would also facilitate innovations in a big way within the overall ambit of payments system regulations of RBI. “When implemented fully, India can be one of the leading countries in the world on such initiatives,” says Shri A P Hota, MD & CEO, NPCI.

About NPCI –

National Payments Corporation of India (NPCI) is the umbrella organization for all retail payment systems in India, set up with the support and guidance from the Reserve Bank of India and Indian Banks’ Association. NPCI, a ‘not-for-profit’ Company envisioned by Reserve Bank of India and created by the banking industry with public sector characteristics, has since completed several payments system projects including ATM switching, RuPay debit card system, Cheque Truncation System, PoS switching, 24×7 remittance system – IMPS, Aadhaar based Payments.

 

NPCI crosses 10 Crore Aadhaar numbers on National Financial Mapper

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By Ashok Punatar Mob: 9820746494 Email: ashokpunatar@yahoo.com

Aadhaar Payment Bridge (APB) system which went live on January 2013 has been scaling new heights. Within a short period of less than 2 years, the National Financial Mapper, managed by NPCI, has grown to over 10 crore unique entries, thereby allowing the Government department/ agencies to reach out to these scheme beneficiaries using the Aadhaar Number as the financial address.

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NPCI institutionalizes National Payments Excellence Awards 2014

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By Ashok Punatar Mob: 9820746494 Email: ashokpunatar@yahoo.com

National Payments Corporation of India (NPCI), the umbrella organization for all retail payments system in the country, has institutionalized ‘National Payments Excellence Awards 2014’ to recognize outstanding achievements in operating various payment systems. Shri H R Khan, Deputy Governor, Reserve Bank of India (RBI) was the Chief Guest at the Excellence Award ceremony, held on December 03, 2014 at Mumbai. The dignitaries present were Shri Balachandran M, Chairman, NPCI; Shri A P Hota, MD & CEO, NPCI, and Shri T M Bhasin, Chairman, IBA.

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