Question
Consider the following statements about the
National Payments Corporation of India (NPCI)? I. National Common Mobility Card. II. Bharat Interface for Money (BHIM). III. IUnified Payments Interface (UPI). IV. Bharat Bill Payment System (BBPS) V. Mastercard Payment System (MPS) Which of the above statements is not a product of NPCI?Solution
Current products that were launched under the National Payments Corporation of India are discussed below-: ● RuPay : It is a domestic card scheme of India that has a magnetic stripe along with an EMV chip. ● National Common Mobility Card : Also known as Rupay Contactless card, it is a contactless payment technology that allows cardholders to use their card in the contactless payment terminals without the need to physically swipe or insert the card. ● Bharat Interface for Money (BHIM) : Bharat Interface for Money (BHIM) is a mobile payments application based on NPCI’s Unified Payments Interface (UPI). ● Unified Payments Interface (UPI) : Unified Payments Interface (UPI) was introduced on 11th April 2016 as an instant inter-bank payment system. This payment system was developed to provide a mobile platform for instant transfer of funds between two bank accounts. ● Bharat Bill Payment System : The Bharat Bill Payment System is an initiative taken by NPCI along with the Reserve Bank of India (RBI) for payment of all bills which will provide an interoperable and accessible bill payment service to its customers.
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