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Payment and settlement systems are used for financial transactions in India. Covered by the Payment and Settlement Systems Act of 2007 (PSS Act), legislated in December 2007, they are regulated by the Reserve Bank of India (RBI) and the Board for Regulation and Supervision of Payment and Settlement Systems. [1]
Unified Payments Interface (UPI) Unified Payments Interface, commonly referred to as UPI, is an Indian instant payment system as well as protocol developed by the National Payments Corporation of India (NPCI) in 2016. The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions.
Website. www .bharatbillpay .com. Bharat Bill Payment System ( BBPS) is an integrated bill payment system in India offering interoperable and accessible bill payment service to customers through a network of agents of registered members as Agent Institutions (AI), enabling multiple payment modes, and providing instant confirmation of payment. [1]
The National Payments Corporation of India ( NPCI) is an organization that operates retail payments and settlement systems in India. The organization is an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust payment and ...
RuPay (portmanteau of Rupee and Payment) is an Indian multinational financial services and payment service system, conceived and launched by the National Payments Corporation of India (NPCI) in 2012. [1] [2] [3] It was created to fulfil the Reserve Bank of India 's (RBI) vision of establishing a domestic, open and multilateral system of payments.
Immediate Payment Service. Immediate Payment Service ( IMPS) is an instant payment inter-bank electronic funds transfer system in India. IMPS offers an inter-bank electronic fund transfer service through mobile phones. The service is available 24/7 throughout the year including bank holidays. National Electronic Funds Transfer (NEFT) was also ...
Mobile payments in India. Mobile payments is a mode of payment using mobile phones. Instead of using methods like cash, cheque, and credit card, a customer can use a mobile phone to transfer money or to pay for goods and services. A customer can transfer money or pay for goods and services by sending an SMS, using a Java application over GPRS ...
PhonePe. PhonePe is an Indian digital payments and financial services company [5] headquartered in Bengaluru, Karnataka, India. [6] [7] PhonePe was founded in December 2015, [2] by Sameer Nigam, Rahul Chari and Burzin Engineer. [8] The PhonePe app, based on the Unified Payments Interface ( UPI ), went live in August 2016.