Concept: National Payments Corporation of India
CNA mentions: (July 2)
National Payments Corporation of India is the umbrella organisation for all retail payment systems in India, with a vision to enable citizens of the country to have access to e-payment services at anyplace and anytime. Founded in 2008, NPCI is a not-for-profit organisation registered under section 25 of the Companies Act, 1956 (now Section 8 of Companies Act 2013). The organisation has been promoted by the country’s central bank, the Reserve Bank of India. It has successfully completed the development of a domestic card payment network called RuPay, reducing the dependency on international card schemes. NPCI is headquartered in Mumbai.
National Payments Corporation of India is an initiative of the Reserve Bank of India and the Indian Banks’ Association. Its Immediate Payment Service (IMPS) has enabled India to become the leading country in the world in real time payments in the retail sector. Its other flagship products include National Financial Switch (NFS) and Cheque Truncation System (CTS). Its other products include Unified Payments Interface (UPI), RuPay Credit Card, National Electronic Toll Collection (NETC), National Common Mobility Card (NCMC) and Bharat Bill Payment System (BBPS). The aim of this product basket is to transform India into a cashless society.