NPCI International Payments Limited (NPIL): set up by NPCI for international market operations

The National Payments Corporation of India has set up ‘NPCI International’ to operate its international market of Unified Payment Interface, instant payment service, and its electronic payment card scheme RuPay.

What is the function of NPCI?

The National Payments Corporation of India is the apex organization to conduct operations related to retail payments and settlement systems in India. It was set up in 2008, under section 8 of the Companies Act 2013, as a non-profit organization.

What is the Unified Payment Interface?

Unified Payments Interface is a real-time payment system that enables a person to pay instantly. It was developed by the National Payments Corporation of India and regulated by RBI to perform inter-bank transactions.

What is the RuPay scheme?

It is a card scheme, launched by NPCI in 2012, to frame a domestic, open and multilateral system of payments. Other than India, it has market operations in foreign countries also viz. Singapore, Bhutan, UAE, Australia, Myanmar, South Korea, etc.

Month: Current Affairs - August, 2020