Monday, September 24, 2018

BHIM Ka Dum with NPCI

Once upon a time in Mumbai, while travelling in a office hour-rushed local, we had an ironic epiphany. An epiphany was that , we had the Celebrity among us , who had possessed The Credit card. An irony was that , we discovered her Celebrity status only after she declared that she had lost that Credit Card. Rather confusing, is not it ?.  Let's take it bit by bit, cause that's how Electronics = E-Payments works in bits of 0 and 1.

In those days of manual banking, Internet was LUXURY, which could be afforded by a chosen few. Naturally E-banking, online transactions were rare like crystal clear Air. Very few elites possessed Debit , Credit , ATM cards and it was sort of status symbol to flaunt. Now in the era of Demonetization , transparency and E-currency CARDS are necessary and easily available. But the Million Dollar question is , how and which card to select ?

The answer is Simple and Sure fire. India is the largest & thriving democracy in the world. Our democratically selected Government is anytime more Trustworthy & Secure than the others. Get RuPay to Pay & Receive.

In the modern, high-tech world, Life is Easier, time-saving and Secure due to Electronic transactions. Our daily tasks are simplified eg. we don't need to stand in numerous queues for various payments. We don't need to carry cash-bundles for shopping, so no worry about thefts. All the work is done by a RuPay genie while we take it Easy. National Payments Corporation of India (NPCI), an umbrella organisation for operating retail payments and settlement systems in India, is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) for creating a Payment& Settlement Infrastructure in India. NPCI, is a “Not for Profit” Company to provide infrastructure to the entire Banking system in India for physical as well as electronic payment and settlement systems. 

RuPay is an established brand with complete portfolio of debit, credit,  and prepaid cards. National Financial SwitchCheque Truncation System and Aadhaar Enabled Payment System are the flagship products of NPCI. With Immediate Payment Service, India became the leading country in the world in real time payments in retail sector. Bharat Interface for Money/Unified Payments Interface is the revolutionary product in payment system. The other recently launched products Bharat Bill PayNational Common Mobility Card and National Electronic Toll Collection are bringing revolution in small value electronic payments.

RuPay is a domestic, open-loop, multilateral payment system to all banks and financial institutions in India.featuring Common network, switching & interchange fees across all banks. It has in-built capability to offer tailor-made products for specific needs for the banking system. Pungrain, Kisan Card, Aadhaar based cards. It offers payment options across channels i.e. ATM / POS / e-commerce as well as Aadhaar based transactions at micro ATMs.

RuPay Advantages:
• All transactions under RuPay card scheme are processed within the country.
• RuPay complies with the regulatory requirement for debit cards and the PIN has been made
mandatory .This ensures a higher level of security to the customers.
• RuPay pricing is simple, transparent and highly competitive.
•RuPay has a strategic tie-up with Discover Financial Services and Japan Credit Bureau to
offer international acceptance globally.

Unified Payments Interface (UPI) is an instant payment system developed by the National Payments Corporation of India (NPCI), an RBI regulated entity. UPI is built over the IMPS infrastructure and allows you to instantly transfer money between any two parties' bank accounts.and Bharat Interface for Money (BHIM) will make money transfers as easy as sending a text message in real-time.

 Go cashless – anywhere, anytime. A simple and secure way to make payments.
 24 x7 Instant money transfer service
 Scan and Pay
 Collect and receive money from your friends at a single click and that too instantly.
 Direct bank account to bank account transfer using UPI ID / Mobile No. / Aadhaar No. /
Account No. & IFS code.
 Generate and share yourpersonalised QR code.
 Instant notifications Get instant transaction alerts for every transaction on BHIM.
 Access BHIM App in your favourite language. BHIM is available in English and 13 regional
 Best answer to Cash on Delivery hassle, running to an ATM or rendering exact amount.
 Merchant Payment with Single Application or In-App Payments.

UPI Benefits 
1. Round the clock availability
2. Single Application for accessing different bank accounts
3. Use of UPI ID is more secure, no credential sharing
4. Single click authentication
5. Raise Complaint from Mobile App directly
6. Entertainment, Education Institutes, Retail etc. accept UPI payments from their customers.

I am sure, now Dhinchak Pooja will stop harassing us with ' Baapu Dede Thoda Cash ' 

Please check , ,   for more details.


#SuatawdeWrites  & #SujatawdeReads

 'I am taking my Alexa rank to the next level with Blogchatter'


Deliciously Alive said...

Great to have all these terms explained so simply. Thanks, Sujata.

Huma said...

Hi Sujata. Thanks for sharing such an informative piece with us.

Pragnya said...

Hello Sujata, thank you for sharing such an informative post in simple language . It would surely help many. I like you ending line with Dinchak Pooja. Still laughing .

Shri Krishna Sharma said...

Nice and quite informative.

Aditi Kapur said...

An informative post quite useful in today's life. Thanks for sharing.

Sonia Chatterjee said...

Quite an informative piece on the cashless options. However as an ex banker I do have some reservations related to the safety of the apps. The recent debit card/AatM frauds have again highlighted how easily hacking and phishing can happen leading to frauds. I hope RuPay and BHIM take care of these aspects.

Unknown said...

RuPay, being a domestic scheme, is committed towards development of customized product and service offerings for consumers.

Pooja said...

nice information on cashless options and the newly launched apps

Unknown said...

The financial transaction systems in our country are undergoing a massive change and everything will be interconnected and integrated framework. It is just the click away. These apps are slowly but certainly gaining the foothold and these shall be the de-facto standards for all our payment and collection.
Thanks for the way you have touched on various aspects of the system and presented it so well.

Rashi Roy said...

That's a fantastic post. You have written it so well. Thanks for sharing such a valuable information.

Unknown said...

Explained very well and easy to understand the options. Thanks for the article.

Bikramjit said...

I was not aware of details. Very much required information. Thanks

Manas Mukul said...

Detailed and an informative post. Not sure that the democratically elected govt has anything to do with technical security of such apps.
#MyFriendAlexa #ContemplationOfaJoker #Jokerophilia

Dipali said...

An informative post! You have blanketed the topic so well. it is the age of going cashless. Thanks for the wonderful share.

MeenalSonal said...

Ease of Banking Services has made our lives easier and fast....Informative one !
MeenalSonal from AuraOfThoughts

Unknown said...

I am quite scared of using such e-payment methods. Even today I am not sure I will be able to handle such apps confidently! :) But, I did like the way you have given such a detailed explanation of the app.

vidhya said...

An informative post! loved it. I use BHIM app, its super easy and fast.
#ViddhReads #MyFriendAlexa

Shilpa Gupte said...

I am quite scared of using such e-payment methods. Even today I am not sure I will be able to handle such apps confidently! :) But, I did like the way you have given such a detailed explanation of the app.

नेहा तांबे said...

Unified Payments Interface is a boon to the growing economy of India. This is a wonderful change.

Srishti Rajeev said...

Very relevant post in today's times. The more the public at large is expalained in a easy way.

Puspanjalee said...

Very, very relevant post, Sujata. Carrying a credit card was indeed a luxury and status symbol once upon a time


Thanks to the NPCI officials who explained every thing in detail to us.


Thanks Huma.


Thanks Pragnya for reading the post to the end and appreciating.


Hey Sonia, I agree with you totally. I had even written an article about Online frauds, when I was a sub-editor in a daily. Still, I think RuPay & BHEEM being from NPCI ( Initiative of RBI ) , are more dependable than others.


Thanks Roma.


Hello Nihar , Thanks a lot for appreciation.




Thanks Manas


Hello Shilpa, I can understand your fear completely , cause I was sceptic too. At the IndiBloggers meet with NPCI officials all our queries were solved .

Avantika said...

RuPay card is definitely the best option. Love your writing style Sujata!

Kapila Rattan said...

Thanks for sharing information about another option to go cashless..

Keerthi Vydyula said...

I started using UPI payment for most of my online transactions and fund transfer months back and what can I say, it eased me out from the worries of those scheduled transfers and stuff. How can i forget to mention about the problems i used to face while paying online using credit or debit card as most of the time there would be an issue as the OTP message would never be delivered on time because of the network issue.

sheela rajesh said...

your blog informations are really creative and It contains full of new innovative ideas.
thank you for sharing with us.please update more data.
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