In an interior village of Bihar, a dying grand old man needed money. His only asset was a simple mobile phone handed down to him by his son. With no balance on his prepaid phone to his credit he made a much needed missed call to his son who was in Mumbai, the financial capital of India. His son calls back at the first instance of his free time and learnt that, his father was in need of urgent money. With the help of mobile app he remit the money then and there. The money was immediately delivered to his father by a business correspondent in the village.
A roadside vendor selling her vegetables, had no proper place to keep her earnings from her sales. Apart from safety issue, the nature of her role resulted in soiled notes. She recently found a solution to her problem which is safe, secured and devoid of all cash handling. She would simply put up a notice with her mobile number and special ID code in front of her wares wherein buyer can easily pay/transfer the money to her without actual cash.
The authorized capital has been pegged at Rs.300 crore with a paid up capital of Rs.100. There are ten core promoter banks viz. State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC. Though domestic in nature, the swirling logo indicates global presence in partnership with Discover Financial Services. Discover Financial Services, Inc. is an American financial services company, which operates the Discover and Pulse networks overseas. NPCI is now a large transaction processing company with more than 14o lakh transactions a day and is building a capacity to process 10 crore a day with a goal set to ‘touching every Indian by 2020’.
- National Financial Switch, NFS which facilitates everyday inter-bank ATM transactions.
- Immediate Payment system, IMPS for instant remittance/transfer of money in multi-channel, multi-dimensional platform which can be initiated from mobile, internet and ATM channel.
- RuPay, Rupee Payment- A domestic, open-loop multilateral systems which enables banks and FIs participation in card-based electronic payment.
- Cheque Truncation System, CTS is a faster, secure T+1 clearing for Cheques presented anywhere in India.
- National Automated Clearing House, NACH for centralizing the multiple ECS systems in the country.
- Aadhaar Enabled Payment System, AEPS-online operability of financial transactions at PoS through business correspondence of any bank using Aadhaar authentication.