By Ashok Punatar Mob: 9820746494 Email: email@example.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.
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.