(THE NEWSMAN OF INDIA.COM) by Abul Hasan National Payment Corporation of India (NPCI) is actively working to raise awareness about digital fraud through a series of advertisements. One of their highly popular TV commercials highlights a common scam scenario:

An employee receives a message from an unknown number displaying a photo of his boss as the profile picture. The scammer, pretending to be the boss, urgently asks the employee to buy gift cards and send them to a personal email address immediately.

The commercial poses the critical question: Will the employee fall for the scam and follow the fake boss’s orders, or will he stay alert and avoid the trap?

The ad encourages viewers to stay vigilant against such digital frauds, urging them not to trust unsolicited messages or requests, even if they appear to come from someone familiar.

The National Payments Corporation of India (NPCI) plays a pivotal role in shaping India’s financial ecosystem. Established as an umbrella organization for retail payments and settlement systems, NPCI is a crucial initiative spearheaded by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA). Founded under the provisions of the Payment and Settlement Systems Act of 2007, its core objective is to create a robust infrastructure for payment systems across the country.

NPCI is a “Not for Profit” entity, incorporated under Section 8 of the Companies Act 2013 (formerly Section 25 of the Companies Act 1956). The organization serves as the backbone of India’s banking system, facilitating both physical and electronic payment channels, aiming for operational efficiency and an expansive reach. The organization is supported by 56 member banks, ranging from public and private sector banks to payment service operators and small finance banks. Notably, its network continues to grow, as NPCI’s impact on retail payments becomes more profound with each passing year.

NPCI’s Revolutionary Products
Over the years, NPCI has introduced several innovations, contributing significantly to the development of India’s payment systems. One of its flagship achievements is RuPay, an indigenous payment system developed to cater specifically to the needs of Indian consumers, banks, and merchants. RuPay supports debit, credit, and prepaid card issuances by banks in India, and its popularity has surged, particularly with the success of the Pradhan Mantri Jan Dhan Yojana (PMJDY). RuPay has evolved to include contactless payment technologies, enabling low-value payments at places like toll booths, parking lots, and retail outlets. Through strategic alliances with international partners such as Discover Financial Services, Japan Credit Bureau, and China Union Pay, RuPay has gained a foothold in the global market, offering world-class payment solutions to its cardholders.

Another key product of NPCI is Immediate Payment Service (IMPS), which has positioned India as a leader in real-time retail payments. IMPS enables seamless, instantaneous money transfers 24/7, drastically improving the efficiency of financial transactions across the country.

NPCI’s National Automated Clearing House (NACH) is another remarkable service. It is an offline, web-based platform for bulk push and pull transactions, simplifying the electronic mandate system. This system helps corporates and banks collect payments without the need for paperwork, promoting a cleaner, faster, and more efficient payment collection process.

In alignment with India’s vision for digital financial inclusion, NPCI has launched the Aadhaar Payment Bridge System (APBS) and Aadhaar-enabled Payment System (AePS). These systems facilitate direct benefit transfers (DBT) for government schemes and enable citizens to access banking services through biometric authentication, especially in underserved regions. The BHIM Aadhaar app, launched by the Hon’ble Prime Minister, is another tool helping people access funds at the doorsteps, furthering financial inclusion.

Other Notable Innovations
NPCI has also introduced the National Financial Switch (NFS), the largest network of shared ATMs in India, enabling seamless interbank ATM transactions such as withdrawals, card-to-card transfers, and cash deposits. Similarly, the Bharat Bill Payment System (BBPS) provides a one-stop solution for recurring bill payments across various sectors, from electricity and telecom to loan repayments and insurance.

Another noteworthy product is National Electronic Toll Collection (NETC), which enables electronic toll payments through FASTag, a Radio-Frequency Identification (RFID) sticker attached to vehicles. This innovative solution allows toll payments while the vehicle is in motion, saving both time and fuel.

The Road Ahead
With these advancements, NPCI’s mission is clear—to transform India into a ‘less-cash’ society. By offering innovative payment solutions, NPCI is driving the country toward greater financial inclusion and contributing to India’s position as a global leader in payments. The path forward involves expanding its services and technologies to reach every Indian, ensuring a more efficient, accessible, and secure payment landscape. As NPCI continues to innovate, it remains focused on realizing its vision of becoming the best payments network in the world.

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