Digital Payments
Banking · डिजिटल भुगतान · 22 facts
UPI (Unified Payments Interface) launched on 11 April 2016 by NPCI
BHIM app launched on 30 December 2016 (Bharat Interface for Money)
NEFT available 24x7 since December 2019 (earlier batch-wise processing)
RTGS available 24x7 since December 2020; minimum transfer Rs 2 lakh
IMPS: 24x7 instant transfer, up to Rs 5 lakh per transaction
Demonetization (8 Nov 2016) accelerated India digital payments revolution
AePS (Aadhaar Enabled Payment System): banking using Aadhaar + fingerprint
FASTag: electronic toll collection using RFID technology, mandatory since 2021
BBPS (Bharat Bill Payment System): one-stop bill payment platform by NPCI
RuPay card: India own debit/credit card network launched by NPCI
Digital India programme launched on 1 July 2015 by PM Modi
UPI uses Virtual Payment Address (VPA) — no need to share bank details
QR Code payments: scan and pay using UPI apps (no card needed)
NACH (National Automated Clearing House): bulk recurring payments (EMI, salary)
e-RUPI: prepaid digital voucher for specific purpose, launched Aug 2021
CBDC (Central Bank Digital Currency): digital rupee pilot by RBI launched 2022
UPI transaction limit: Rs 1 lakh (Rs 5 lakh for some categories)
NPCI International (NIPL) promotes UPI and RuPay adoption globally
India UPI is now accepted in Singapore, UAE, France, Sri Lanka etc.
Digital payments in India crossed 10,000 crore transactions annually
Prepaid Payment Instruments (PPI): wallets like Paytm, PhonePe etc.
RBI mandates two-factor authentication (2FA) for all online transactions