The National Payments Corporation of India (NPCI) has unveiled a range of groundbreaking digital payment products to enhance the country’s inclusive and resilient payment ecosystem. These innovations include “While Credit Line,” allowing pre-approved credit lines via UPI, “UPI LITE X” for offline payments, and “UPI Tap & Pay” for streamlined QR code and NFC-based transactions. The introduction of “Hello UPI Conversational Payments” enables voice-activated payments in Hindi, English, and regional languages through UPI apps, telecom calls, and IoT devices. Furthermore, “BillPay Connect” simplifies bill payments through a nationalized number provided by Bharat BillPay.
Facts/Terms for UPSC Prelims
- NPCI (National Payments Corporation of India): NPCI is an umbrella organization that manages retail payments and settlement systems in India. Established under the Payment and Settlement Systems Act of 2007, it operates as a not-for-profit company and is promoted by major Indian banks, including State Bank of India and Punjab National Bank.
- UPI (Unified Payments Interface): UPI is a real-time payment system in India that facilitates inter-bank transactions by instantly transferring funds between two bank accounts on a mobile platform. It simplifies digital payments.
- Near Field Communication (NFC): NFC is a technology that enables short-range wireless communication between devices, typically within a few centimeters. It’s used for contactless transactions, data transfer, and device pairing.
- Bharat BillPay: Bharat BillPay is a centralized platform in India that facilitates the payment of bills, such as utilities, insurance premiums, and taxes. It offers a single interface for multiple billers and payment modes, simplifying the bill payment process.