Payments Service Current Affairs
The National Payments Corporation of India (NPCI) has allowed Facebook-owned WhatsApp to beta test its BHIM UPI beta payments service with limited user base of 1 million and low transaction limit. Four banks will join social messaging app’s BHIM UPI model in phases and full feature product will be released after beta test is successful.
The multi-bank model will offer advantages such as transaction load distribution between banks and helps to integrate popular apps easily with BHIM UPI. The inter-operability will allow to send and receive money through any BHIM UPI ID, intent and collect call and read and generate BHIM/Bharat QR code that are required in final BHIM UPI app.
National Payments Corporation of India (NPCI)
NPCI is the umbrella organisation for all retail payments system in India. It is being promoted the Reserve Bank of India. It was founded in 2008 as a not-for-profit organisation registered under section 25 of the Companies Act, 2013. It has successfully played pioneering role in development of a domestic card payment network called RuPay, reducing the dependency on international card schemes.