• UGI USER
  • Feb 12, 2024
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India’s UPI & RuPay Card Services Abroad

@newsonair - RBI

News

  • Unified Payment Interface (UPI) services of India will be launched in Sri Lanka and Mauritius and RuPay card services of India in Mauritius from 12 February, 2024 onwards;
  • Through video conference, the launch will be witnessed by Prime Minister Narendra Modi, President of Sri Lanka Ranil Wickremesinghe, and Prime Minister of Mauritius Pravind Jugnauth.

About UPI

  • Unified Payment Interface (UPI) platform allows money transfers between any two Indian bank accounts without the complications that are currently in place;
  • A smartphone is used to facilitate the operation of the native Unified Payment Interface payment system;
  • Since banks use the same Unified Payment Interface, you can easily initiate a bank account transfer from any location with a few clicks. This implies that UPI will enable you to pay different merchants straight from your bank account without having to enter your credit card information, net banking password, or IFSC code.
  • Created by: Under RBI guidelines, the National Payment Corporation of India (NPCI) developed the Unified Payment Interface (UPI), which is built on the Immediate Payment Service (IMPS) platform;
  • NOTE: The IMPS oversees the instantaneous interbank funds transfer system and unlike RTGS and NEFT, IMPS is open around-the-clock, including on bank holidays.

About RuPay Card:

  • It is an Indian domestic card scheme developed and launched by the NPCI;
  • Its goal is to realize the Reserve Bank of India’s vision for a multilateral, open-loop, domestic payments system in India;
  • It functions to make electronic payments possible at all Indian financial institutions and banks.

About NPCI

  • About: It serves as the governing body for all Indian retail payment systems;
  • It was established with the guidance and support of the Reserve Bank of India and the Indian Banks’ Association;
  • Objectives:
    • To create a uniform and standard business process for all retail payment systems across the country by integrating and consolidating the various systems currently in place;
    • To enable a cost-effective payment system that will assist the average citizen nationwide and advance financial inclusion.

 

 

Source: newsonair  

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