NPCI launches “Rupay Festive Carnival”

The National Payments Corporation of India (NPCI) launched ‘RuPay Festive Carnival’.

What are the Key Features of Rupay Festive Carnival?

The ‘RuPay Festive Carnival’ will give compelling advantage and interesting discounts to RuPay users. It aimed at contactless, motivating safe and cashless payments.

RuPay cardholders can revel in celebrations by helping attractive offers. The card revel offers  from not only group such as fitness, education, health, e-commerce – which are most appropriate and significant amid at present scenarios – but also from shopping, entertainment, dining and food delivery, wellness, pharmacy and others.

Customers will be able to benefit discounts ranging from 10-65 % on famous brands, including, Swiggy, Samsung, Amazon, Flipkart among others.

What is NPCI?

The NPCI is an government organisation for operating retail payments and settlement systems in India. It is founded in 2008. It is established by Reserve Bank of India & IBA. The NPCI is a non-profit organisation recorded under section 8 of the Companies Act 2013.  The firm is owned by a consortium of major banks.  It has been encouraged by the Reserve Bank of India.

What are the services offered by NPCI?

The services offered by NPCI are:

Aadhaar Enabled Payment System: AEPS is a bank lead model. It allows online interoperable financial transaction at Point of Sale or Micro ATM. It allows transaction through the Business Correspondent or Bank Mitra of any bank using the Aadhaar authentication.

The Bharat Bill Payment System: The Bharat Bill Payment System is a RBI envisions system driven by the NPCI. It is an one-stop biome for payment of all bills, giving an incompatible and accessible “Anytime Anywhere” bill payment service to all customers across India with certainty.

BharatQR: A usual QR code created by NPCI in partnership with American Express, Visa and Mastercard for ease of payments and interoperability.

BHIM: BHIM is an Indian mobile payment app based on UPI.

Cheque Truncation System: CTS is based on a cheque shorten or online image-based cheque coherent system.  The cheque images and magnetic ink character recognition information are encapsulated at the collecting bank branch and transformed electronically.

Immediate Payment Service:It is a real time inter-bank payment system

National Common Mobility Card – Rupay Contactless: It is a contactless payment technology. It allows holders to wave their card before contactless payment system without the need to swipe or insert the card into a PoS device.

National Electronic Toll Collection: FASTag is a device.  It uses Radio Frequency Identification technology for making toll payments straight while the vehicle is in motion.

RuPay: RuPay is a national card scheme of India.

Unified Payments Interface: UPI is a concurrent interbank payment network for receiving or sending money.

Month: Current Affairs - October, 2020