Sunday, June 23, 2024

Latest Posts

NPCI celebrates 5th anniversary of Digital India Day

- Advertisement -

NPCI said it is celebrating 5th anniversary of Digital India Day which was launched with a vision to transform India into a digitally empowered society and knowledge economy by leveraging the power of technology and making it more accessible. NPCI along with the ecosystem partners have been constantly working towards financial inclusivity and revolutionizing the payments ecosystem leading to a perceptible change in the mindsets of Indian consumers.

Speaking on the occasion Arif Khan, Chief Digital Officer, NPCI said, “It is a great feeling to mark the 5th anniversary of Digital India Day. The combined initiatives from Government, RBI and entire digital payments space to improve digital literacy and create awareness about digital payments amongst the Indian populace are showing some excellent results – with people increasingly opting for digital transactions. We at NPCI are glad to witness that our innovative offerings and partnerships have accelerated the growth of the digital landscape.”

- Advertisement -

In an initiative to improve digital financial inclusion in India, NPCI has launched an AI based chatbot, PAi, to create awareness around its products like FASTag, RuPay, UPI, AePS and others on a real-time basis. PAi is available round the clock to provide users access to accurate information on NPCI products.

The vision of NPCI has always been to promote the integrity, efficiency, inclusiveness and competitiveness of the financial and payments system. The home grown RuPay Card is becoming the trusted household name catering to all strata of society. The idea of RuPay was devised to promote the use of electronic payments as well as to expand the idea of financial inclusion. Issued by over 1100 banks RuPay currently enjoys 33% market share of card transactions in India. Last year, RuPay marked its third international debut in UAE and Bahrain following Bhutan and Singapore.

- Advertisement -

Read More : Mukesh Ambani earns so many crores in a day! You will be shocked to know!

AePS, another flagship product of the NPCI which acts as a change catalyst to speed track financial inclusion in the country. Its objective is to facilitate inter-operability across banks in a safe and secured manner. Transactions on AePS continued to reach historical highs as the government is using the platform to provide cash transfers under its Covid-19 relief package.

- Advertisement -

The past few year for NPCI has been marked with milestones in creating an evolved robust network of payment solutions. One of the key focus areas of NPCI was the “UPI Chalega” campaign that was conceptualized in association with the payment ecosystem players to help create a habitual change, use of UPI in their daily life. The microsite created under this campaign is still helping customers to know about UPI payments in detail.

To unify the payments landscape and transform urban mobility in India, the NCMC (National Common Mobility Card) was launched. RuPay has partnered with various banks to issue these mobility cards. Transit as a category has driven the adoption of digital payments because of the increased efficiency observed in the large scale public transit system in the country. This sector’s expected growth with numerous upcoming smart city projects in the pipeline will provide an opportunity for the increased adoption of the NCMC- RuPay contactless card. In an attempt to create a unified system for toll framework across the country, NETC (National Electronic Toll Collection) FASTag played an important role – especially when it was made mandatory for all vehicles from December 15, 2019. FASTag is now helping travelers with reduced cash handling, and efficiency in transactions as well as reduced time spent in the serpentine queue at the toll.

Also Read : EPFO launches multi-location claim settlement to expedite claims

With an objective to provide a new dimension to the loyalty rewards segment, NPCI is introducing its own omni-channel multi-branded loyalty platform called ‘nth Rewards’. This unique loyalty rewards platform allows users to earn ‘nth’ points through various bank transactions and redeem them faster on various exciting products, E-Vouchers, donations, hotel and flight bookings. With an objective to engage and retain bank customers, ‘nth Rewards’ offers easy earning and instant redemption of reward points on maximum purchasing options.

The contribution of fintech start-ups in digitalizing the economy is important and hence NPCI wants to act as a catalyst for bridging the gap between the established financial entities and the start-ups. NPCI has been part of a multiple accelerator programmes with fintech companies and state governments to encourage tech innovators to showcase technological prototypes across areas like Financial Inclusion, Public Payment Infrastructure, etc. Recently NPCI sets up an Innovation Lab – txnnxt hub at the premises of T-Hub, Hyderabad. This new facility will enable startups access the latest technological advancements in the digital payments.

About NPCI

National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC Fastag) and Bharat BillPay. NPCI also launched UPI 2.0 to offer a more secure and comprehensive services to consumers and merchants.

NPCI is focused on bringing innovations in the retail payment systems through use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payments solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.

For more information, visit:

- Advertisement -

Latest Posts

Don't Miss