wordpress blog stats
Connect with us

Hi, what are you looking for?

New Umbrella Entity: Everything you need to know about NPCI’s potential rival(s)

Digital banking

Some of India's leading startups, fintechs, large banks and corporates, alongside a few  global financial giants and tech companies, have come together, all to grab a piece of India's burgeoning payments market. Soon, the Reserve Bank of India (RBI) may grant some of them their wish to build and scale new ways for Indian consumers to transact. While cash remains the dominant form of making transactions in the country, over the last few years the number of consumers and merchants transacting digitally has grown exponentially. This has to do with two factors — one the falling cost of data and access to smartphones which enable digital transactions and the second, the increased access to financial services like bank accounts and credit.  According to Credit Suisse, digital payments in India now clock an annual payment run-rate of $450 billion and constitute 30% of all retail transactions from 10% in 2018. What is the NPCI? In 2008, the RBI together with the Indian Banks' Association decided to create a separate entity which would be responsible of maintaining and operating specific digital payments systems. The entity, called the National Payments Corporation of India (NPCI), would be independent of the regulator and banks, developing new payments methods based on a common standard for the entire financial system. Over the years, the NPCI has developed several new ways of processing payments digitally. It operates 10 payment platforms or rails at present: RuPay cards: debit and credit card network and switch Unified Payments Interface: a bank…

Please subscribe/login to read the full story.
Written By

Reports on banking, payments, fintech and crypto-curencies. Additional reporting on media regulations, data protection and other areas.

Free Reads

News

Paytm has tried to distance itself from Paytm Payments Bank due to the regulatory scrutiny.

News

This amendment widens the scope of those allowed to delete records pertaining to the direction of interception from law enforcement bodies to other authorities...

News

Pensioners can now use bank passbooks instead of mobile or Aadhaar for identity verification.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

News

RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ