NPCI → RUPAY CARD PAYMENT GATEWAY (2012) Flashcards
What is RuPay and when was it launched?
RuPay is India’s domestic card payment gateway.
It was launched in 2012 by the National Payments Corporation of India (NPCI).
How does RuPay compare to other major card networks?
RuPay is similar to Mastercard, Visa, and China’s Union Pay.
It offers a key advantage: lower transaction fees compared to other networks.
List the different ways RuPay cards can be used.
RuPay cards can be used at:
ATMs (for cash withdrawals and other banking services)
Point of Sale (POS) devices (for payments at stores)
Online portals (for e-commerce purchases)
What is the connection between RuPay and the PMJDY program?
The Pradhan Mantri Jan Dhan Yojana (PMJDY) is a government initiative focused on financial inclusion. People who open bank accounts under PMJDY often receive a free RuPay debit card.
Describe RuPay’s international presence.
RuPay has partnerships in countries like Singapore and Japan, allowing limited use.
However, RuPay’s global reach is currently not as wide as networks like Mastercard and Visa.
What is the Bharat Bill Payment System (BBPS)?
A centralized system for recurring bill payments in India (electricity, gas, water, etc.).
Managed by the National Payments Corporation of India (NPCI).
Bharat BillPay Ltd., a subsidiary of NPCI, launched the Unified Presentment Management System (UPMS) in 2022-Jan to streamline bill presentation.
Describe the National Financial Switch (NFS).
India’s largest ATM network.
Operated by NPCI.
Facilitates interbank transactions, enabling you to use your bank’s ATM card at other banks’ ATMs.
What is the Cheque Truncation System (CTS)?
A system implemented in India in 2010 to streamline check clearing.
Instead of physically transporting checks, digital images are used for faster processing.
Explain the role of NETC in toll collection.
National Electronic Toll Collection (NETC) is the technology behind India’s FASTag system.
Allows for automatic toll deduction as vehicles pass through toll plazas.
Improves efficiency and reduces traffic congestion at toll booths.
What is the PAI chatbot?
An AI-powered chatbot developed by NPCI.
Answers customer queries related to NPCI products like FASTag, RuPay, UPI, and AePS.
Offers a convenient way to get information on these digital payment systems.
What is the DigiSaathi Helpline?
Helpline number (14431) launched by RBI and NPCI.
Provides assistance with digital payments and addresses issues with card transactions.
What is DakPay?
A payment app offered by the Department of Post and India Post Payments Bank.
Facilitates various financial services, including money transfers and bill payments.
What does NACH stand for, and what is its primary purpose?
NACH stands for National Automated Clearing House. It is used for bulk monthly payments such as utility bills, dividends, salaries, pensions, and insurance premiums.
Describe AEPS and provide examples of its use.
AEPS stands for Aadhaar Enabled Payment System. It allows individuals to use their Aadhaar number and biometric authentication (fingerprint or iris scan) to perform basic banking transactions like cash withdrawal, balance checks, or fund transfers.
How is ABPS different from AEPS?
ABPS (Aadhaar Based Payment System) also uses Aadhaar, but it focuses on bulk transfers of government subsidies or benefits directly into beneficiaries’ bank accounts. AEPS is designed for individual, smaller-scale transactions at a point-of-sale device.
