The corporation's current and future service portfolio includes:
Aadhaar Enabled Payment System (AePS) A network of Micro ATMs using
Aadhaar authentication. National Payments Corporation of India (NPCI) announced the transactions of Aadhaar Enabled Payment System (AePS) for the month of July 2019 have crossed the milestone number of 200 million. AePS is a bank-led model which allows basic interoperable banking transactions at PoS (MicroATM) through the Business correspondent of any bank by using Aadhaar authentication. AePS had a transaction value of
₹22,350.88
crore and a volume of 8.396 crore in January 2024.
Bharat Bill Payment System (BBPS) The Bharat Bill Payment System is a Reserve Bank of India (RBI) conceptualised system driven by the NPCI. It is a one-stop ecosystem for payment of all bills, providing an interoperable and accessible "Anytime Anywhere" bill payment service to all customers across India with certainty, reliability and safety. Bharat BillPay has multiple modes of payment and provides instant confirmation of payment via an SMS or receipt. It offers myriad bill collection categories like electricity, telecom, DTH, gas, water bills etc. through a single window. More categories may be added in the future, to include insurance premium, mutual funds, school fees, institution fees, credit cards, local taxes, invoice payments, etc. An effective mechanism for handling consumer complaints has also been put in place. Bharat BillPay transactions can be initiated through multiple payment channels like Internet,
Internet Banking, Mobile, Mobile-Banking, POS (Point of Sale terminal), Mobile Wallets, MPOS (Mobile Point of Sale terminal), Kiosk, ATM, Bank Branch, Agents and Business Correspondents. Bharat BillPay supports multiple payment modes. This includes Cards (Credit, Debit and Prepaid),
NEFT Internet Banking, UPI, Wallets,
Aadhaar based Payments and Cash.
BharatQR A common QR code developed by NPCI in collaboration with
American Express,
Mastercard and
Visa for ease of payments and interoperability.
BHIM BHIM is a
mobile app to act as
Client software for the
Unified Payments Interface.
BHIM Aadhaar Pay BHIM Aadhaar pay is an
Aadhaar based payments interface which allows real time payments to Merchants using Aadhaar number of Customer & authenticating them through their biometrics.
Cheque Truncation System (CTS) CTS is based on a
cheque truncation or online image-based cheque clearing system where cheque images and
magnetic ink character recognition (MICR) data are captured at the collecting bank branch and transmitted electronically.
Digital Rupee The Digital Rupee (e₹) or eINR or E-Rupee is a tokenised digital version of the Indian Rupee, to be issued by the Reserve Bank of India (RBI) as a central bank digital currency (CBDC). The Digital Rupee was proposed in January 2017 and will be launched in the 2022-23 financial year. The plan is to incorporate distributed ledger into Digital Rupee. Like banknotes it will be uniquely identifiable and regulated by Central Bank. Liability lies with RBI. Plans include online and offline accessibility. RBI will launch Digital Rupee for Wholesale (e₹-W) catering to financial institutions for interbank settlements and Digital Rupee for Retail (e₹-R) for consumer and business transactions. CBDC will remove ₹4,984.80 crore security printing cost borne by the general public, businesses, banks, and RBI on physical currency.
Immediate Payment Service (IMPS) Immediate Payment Service is a real time inter bank payment system. •
Mobile number & MMID: Send money to bank accounts mapped using mobile number. •
Account number & IFSC: Send money to bank accounts.
National Automated Clearing House A centralised clearing service that aims at providing interbank high volume, low value transactions that are repetitive and periodic in nature.
National Common Mobility Card - Rupay Contactless Rupay Contactless is a
contactless payment technology that allows cardholders to wave their card in front of contactless payment terminals without the need to physically swipe or insert the card into a point-of-sale device.
National Electronic Toll Collection FASTag is a device that employs
Radio Frequency Identification (RFID) technology for making toll payments directly while the vehicle is in motion. FASTag (RFID Tag) is affixed on the windscreen of the vehicle and enables a customer to make the toll payments directly from the account which is linked to FASTag. The latest version 2.0 can also be used to buy fuel. IDFC First Bank has become the first one to get an approval from the RBI. The
Ministry of Road Transport and Highways (MoRTH) has declared that all lanes at all toll plazas on national highways across the country will be dedicated Fastag lanes from 1 December 2019.
National Financial Switch Network of shared
automated teller machines in India.
RuPay RuPay is a domestic
card scheme of India. The card has
Magnetic stripe (for
Backward compatibility) and an
EMV chip. RuPay cards are now accepted at all
ATMs,
Point-of-Sale terminals and most online merchants in the country. More than 300
cooperative banks and
Regional Rural Banks (RRBs) in the country have also issued RuPay ATM cards.
Unified Payments Interface (UPI) Unified Payments Interface is a real-time interbank payment system for sending or receiving money. It is integrated with more than 358 banks in India. Consumers can participate in P2P transfer as long as they both have an account in one of the registered banks. To initiate fund transfer, users have to use any UPI supporting Android or iOS app, link their bank accounts and generate BHIM UPI PIN. Funds can be transferred via the following methods: •
Virtual Payment Address (VPA): Send or request money from/to bank account mapped using VPA. •
Account number & IFSC: Send money to bank account. •
QR code: Send money by scanning QR code with enclosed VPA or Account number & IFSC. •
Mobile number: Send or request money from/to the bank account mapped using mobile number. •
Aadhaar: Send money to the bank account mapped using Aadhaar number. Once the fund transfer is initiated, money is debited from payer's bank account and deposited in the recipient's bank account in real-time. This system works 24x7, including weekends and bank holidays.
Project Nexus The
Bank for International Settlements signed an agreement with
Central Bank of Malaysia,
Bank of Thailand,
Bangko Sentral ng Pilipinas,
Monetary Authority of Singapore, and the
Reserve Bank of India on 30 June 2024 as founding member of
Project Nexus, a multilateral international initiative to enable retail cross-border payments.
Bank Indonesia involved as a special observer. The platform, which is expected to go live by 2026, will interlink domestic fast payment systems of the member countries.
*99# USSD An
USSD channel service for UPI mobile banking launched in November 2012. Only public sector telecom service provider
Bharat Sanchar Nigam Limited BSNL and
Mahanagar Telephone Nigam Limited MTNL are offering this service. It uses quick codes for transactions and doesn't require smartphone and access to internet. The interface is developed by
National Unified USSD Platform (NUUP) to overcome the problem of poor internet connectivity in rural areas with 12 regional languages. This service is being currently offered by 51 banks.
BHIM app also supports USSD features. Understanding the importance of mobile banking in financial inclusion in general and of *99# in particular, various regulatory/trade bodies came together to ensure on boarding of all TSPs on *99# (USSD 1.0). With the wider ecosystem (11 TSPs), *99# was launched by Prime minister
Narendra Modi on 28 August 2014, as part of
Pradhan Mantri Jan Dhan Yojna.
UPI 123PAY It a 3-step method to initiate and execute UPI services for feature phone users without the use of
internet connection or
USSD channel. It is based on
Interactive voice response (IVR) technology which is good specially for rural and urban areas. It is launched by RBI on 10 March 2022.
Digital Payments Score A Digital Payments Score (DPS) will be developed by NPCI with the intention of bolstering the nation's credit scoring system and fostering increased productivity and expansion. When determining criteria, DPS may consider things like a person's financial stability, which includes timely payments, regular bill payments, and whether or not the person regularly transacts for high-value commodities and has the income to support them. == Recent awards and recognition ==