12th January 2024 (9 Topics)

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Flagship UPI Payment system is developing as Global Platform for Direct Fund Transfer

Context

UPI collaborated with Singapore’s Pay Now to facilitate direct fund transfers It is the result of collaboration between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS).

Unified Payments Interface (UPI)

Online Instant payment system created by the National Payments Corporation of India in 2016
It enables seamless inter-bank transactions, both peer-to-peer and person-to-merchant, on mobile devices
UPI islargest payment gateway among the National Payments Corporation of India (NPCI) operated systems including National Automated Clearing House (NACH), Immediate Payment Service (IMPS), Aadhaar enabled Payment System (AePS), Bharat Bill Payment System (BBPS), RuPay etc.
IT is platform for top UPI appsinclude PhonePe, Paytm, Google Pay, Amazon Pay and BHIM, the latter being the Government offering.

National Payments Corporation of India

NPCI, an umbrella organisation for operating retail payments and settlement systems in India, is an organisation under Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) regulated under the provisions of the Payment and Settlement Systems Act, 2007.

It establishes as “Not for Profit” Company under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013), it provides infrastructure to the entire Banking system in India for physical and leading the electronic payment and settlement systems.

Recent Development:

UPI collaborated with Singapore’s Pay Now to facilitate direct fund transfers.
It brings security assurance, convenience and cost-effective transactions for small and frequent remittances.
Two Organisations are instrumental for these collaborations (the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS))
It expands the scope of India’s digital payment ecosystem
A Mandatory, Active, bank account is must for sending or receiving cross-border payments. For those seeking to transfer money to foreign country , the sender requires the recipient’s registered Pay Now mobile number or Virtual Payment Address (VPA)
It enhances the scope for third party application providers for online transaction system

Third-party application provider (TPAP)

The UPI ecosystem is designed for banks. Only a banking entity can directly interact with the UPI switch.
However, non-banking entities is allowed to participate by partnering with a banking entity which is already on UPI platform, and developing their own APIs referred to as third party apps.(Whatsp pay, goggle pay)

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GS Analyst: Daily Current Affairs

12th January 2024 (9 Topics)

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Flagship UPI Payment system is developing as Global Platform for Direct Fund Transfer

Still Have Questions?

GS Analyst: Daily Current Affairs

Flagship UPI Payment system is developing as Global Platform for Direct Fund Transfer

Still Have Questions?

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