- The National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India.
- It is an initiative of the RBI and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.
- It has been incorporated as a “Not for Profit” Company under the Companies Act 2013.
- It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC Fastag) and Bharat BillPay.
Why in News?
- The NPCI has launched a slew of new payment options on popular payment platforms UPI, including conversational transactions.
- The latest offerings are aimed at creating an inclusive, resilient, and sustainable digital payments ecosystem and will help UPI achieve the target of 100 billion transactions per month.
- NPCI said it has partnered with AI4Bharat at IIT Madras, to co-develop Hindi and English payment language models.