As humans new to adulting, we definitely know it’s tough at the very least. While humanity is a confusing trance to be in, what makes adulting tougher is the first item on its checklist- Bills! They’re not self paid and sometimes can take up all your time. But looks like the universe was listening to our rant and the good guys at the National Payments Corporation of India (NPCI) have made digital payments easier than a walk in the park. How you ask? Read on….
The rate at which digitisation has been taking over is beyond the potent of discussion, thus marrying this digital revolution in India by implementing an infrastructure to the entire banking system for physical as well as electronic payment and settlement systems, NPCI has established a user friendly ecosystem through its innovative products and services.
We’re going to confess, despite proudly donning the millennial hats, we have embraced the cashless way to live post demonetisation and felt the need to understand the workings of these payment tools even better. To our fortune, we had an opportunity to meet the experts behind this not for profit company who have been making our day-to-day lives easier. If you’re as new as us and feel the need to understand this better, let us take you through the innovations NCPI has brought in to the payment market.
Launched on 26th Mach, 2012, RuPay is NPCI’s solution to Reserve Bank Of India’s vision of creating a multilateral payment system for all banks and financial institutions in India. It is a product seen as a resourceful tool in creating a less-cash economy and furthering the electronic payments system to make India, a financial inclusive economy.
Overcoming the limitations of many other payment models, RuPay enables a larger segment of the banking customers including that of Regional Rural Banks (RRB) and Co-operative Banks to participate in electronic payments through direct and sponsorship model (indirect) memberships provided to the banking sector. It offers payment options across channels i.e. ATM / POS / e-commerce as well as Aadhaar based transactions at micro ATMs.
Not to forget, on a first world behaviour note, holding a RuPay card comes with multiple offers and benefits (Too alluring to miss), we went through some of them and have already planned on getting one right away!
Unified Payments Interface / Bharat Interface for Money
Unified Payments Interface (UPI) and Bharat Interface for Money (BHIM) have made money transfers as easy as sending a text message in real-time allowing one to go cashless – anywhere, anytime.
As a simple and secure way to make payments, it offers a 24 x7 instant money transfer service through the Scan and Pay policy and most importantly enabling the option to collect and receive money from your friends at an instant single click. The features also extend to direct bank account to bank account transfer using UPI ID / Mobile No. / Aadhaar No. / Account No. & IFS code.
Just like any other digital platform, it offers instant notifications, instant transaction alerts for every transaction on BHIM.
P.S: Don’t you agree with us that NPCI has made digital payments easier than a walk in the park? Because even a walk in the park commands you to rearrange your priorities, whereas NPCI has made payment transfers a click away process while you attend to your day’s work. While you sign up and learn about it, until next time, #StayCurious 🙂