NPCI partners with IndiBlogger to help India adopt their latest technologies

Hello everyone,
IndiBlogger has been on the forefront of getting bloggers to help various entities adopt cutting edge solutions. This time we are on a mission to help people understand the value of e payments and NPCI’s vision that all Indian citizens have unrestricted access to e-payment services.
Below are some of the blog posts and pictures from our round table with the National Payments Corporation of India (NPCI)
2014 had been a blessed year for India and National Payments Corporation of India. With the launch of Pradhan Mantri Jan Dhan Yojana, ordinary citizens of India got an opportunity to open basic zero balance savings account. Earlier, a banking account was considered a sign of elitism and an instrument only for people with worthy savings.
The digital economy, as regarded by experts is the third industrial revolution, a new productivity platform that is changing the way payments are made. Due to Indian Government’s flagship programme ‘The Digital India’, we are transcending towards a digitally empowered society and knowledge economy that can be described as “Faceless, Paperless, Cashless”.
Users, familiar with online money transfer, will see IMPS in the list. Yes! NCPI developed the IMPS (Immediate Payment Service) system. This, along with a plethora of payment systems.
Considering the utility nature of the objects of NPCI, it has been incorporated as a “Not for Profit” Company under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013), with an intention to provide infrastructure to the entire Banking system in India for physical as well as electronic payment and settlement systems.
Rupay-This is India’s answer to VISA/MasterCard/Amex. It has 380+ MnRupay cards issued by 800+ participating banks, driven by Kisan Cards and PSU banks mainly
 Key benefits of BHIM for consumers is:
1) Round the clock availability
2) Single application for accessing different bank accounts
3) Single click authentication
Unlike mobile wallets (PayTM, MobiKwik, mPesa, Airtel Money etc) which hold money, the BHIM App is only a transfer mechanism, which transfers money between different bank accounts. Transactions on BHIM are nearly instantaneous and can be done 24/7 including weekends and bank holidays.
The overall experience of the NPCI blogger meet was fantastic. We had a great time with officials from NPCI providing us a plethora of knowledge around the revolution in digital payments.
This organization held a one of a kind event named as the “NPCI bloggers meet” at The Capital, Bandra Kurla Complex Mumbai on September 16, 2017, for the members to get a first-hand sneak peak into their new products and services launched in India. They have been pioneers in multiple products that provide financial services & digital transactions in India.
Reasons aside, have you ever wondered what takes place when you make an instant online payment to shop for apparel online? What happens in those few seconds between entering your card details and receiving the “Transaction Successful” SMS on your phone? What happens when you walk into an Axis Bank ATM with your SBI Card and withdraw money? How do these two different communicate internally and give you the cash you need? Or when you enter your CVV number and pay for a ride through your Uber app?
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.
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.
With the help of NPCI & its initiatives, India is all set to witness a massive growth in the adoption of digital payments in the coming years. It will eventually support transparency, becoming an indirect check on the presence of black money in the market, and thereby increasing the contribution to the country’s GDP.
Millenials are fickle; they have no brand loyalty is an oft-repeated statement. I wholeheartedly agree with it. If we don’t like something or some other brand offers something better, we switch. We want our work to be completed faster while maintaining the same level quality; if it is also cheaper, that’s a great incentive, too.
RuPay supports issuance of cards (Debit, Credit and Prepaid) by banks in India thereby contributing to the growth of retail electronic payments in India. It enables a larger segment of the banking customers including that of Regional Rural Banks (RRB) and Co-operative Banks to participate in electronic payments thus reaching the far corners of India.
What UPI actually did was that it nullified the inter-operability issues arising due to different service level prcedures followed by different banks. Pre-UPI era, the remitter and the beneficiary needed to exchange their details which included bank account number, IFSC code, branch etc. The banks would verifythe details and the transction would only be possible after the banks authorised the beneficiary.
 A big thank you to everyone who attended and for the amazing hospitality at NPCI. We look forward to a better India and your thoughts in the comments.
Do let us know how you feel about IndiBlogger using Bloggers to help with an easier adoption of technology for the masses. We also feel we should have more blog posts in regional languages to ensure we reach more people across India.
But that’s a story for another day. We hope you enjoyed our coverage of the round table with NPCi.

1 Response

  1. Chandresh says:

    Truly , Local meetup and events in Regional language will help increase awareness about digital payments manyfold .. Grt show

Leave a Reply

Your email address will not be published. Required fields are marked *