1. Payment System
  2. Overview of global payment systems
  3. Overview of domestic payment systems
  4. RuPay and RuPay Secure
  5. Immediate Payment Service
  6. National Unified USSD Platform (NUUP)

Payment System

A payment system is any system accustomed settle financial transactions through the transfer of import. This includes the institutions, instruments, people, rules, procedures, standards, and technologies that build its exchange potential.

Overview of Global payment systems

Global Payment System (GPS) is one in each of the foremost vital third-party payment method suppliers at intervals the planet, and should be a number one provider of payments and credit/debit card act method services. GPS can facilitate meet the various wishes of economic institutions not alone in North American country, but throughout North America. Over 2000 code and hardware certified POS interfaces amendment you to regulate every in North American country and at intervals the similar suite of programs. These solutions and additional info method services offer larger convenience to merchants and suppliers and should assist you and your purchasers decrease process costs. If you are a bourgeois World Health Organization already includes a bourgeois account, you will be ready to boot fancy GPS services. In short, one network, one answer.

Overview of domestic payment systems

Payment systems unit utilized in workplace of tendering profit domestic and international transactions. This consists of a major service provided by banks and totally different financial institutions. Ancient payment systems embody negotiable instruments like drafts and documentary credits like letters of credit. Introduction as financial markets develop, the amount and price of funds transfers between markets participants have inflated considerably. The globalization of markets and inflated linkages between national financial systems have to boot created the integrity of cross-border funds transfer systems a lot of very important.  Payment systems categories as follow:

•           These payments unit settled directly by monetary Authority of Singapore through the debiting or crediting of the individual banks’ accounts maintained with MAS;

•           Interbank payments that unit settled electronically through the System for Handling Interbank Funds Transfers, or shift. These payments unit settled on an internet basis at the highest of the day via the banks’ current accounts maintained with MAS; and

•           Retail payments between customers of assorted banks that unit settled through cheques, the interbank GIRO, ATMs and EFTPOS.

RuPay and RuPay Secure

India RuPay cards unit accepted at the most ATMs across Republic of Asian country in line with the information disclosed by the National Payments Corporation of Republic of India, there unit well over 200,000 ATMs and over a combine of 614,584 POS terminals in Republic of India at intervals the RuPay network. RuPay is that the first-of-its-kind domestic Debit and mastercard payment network of Republic of India, with wide acceptance at ATMs, POS devices and e-commerce websites across Republic of India. It’s extraordinarily secure network that protects against anti-phishing.

•           RuPay Debit: As of Gregorian calendar month 2018, RuPay cards square measure issued to banks across Republic of India. With the exception of the foremost private-sector and public-sector banks, RuPay cards square measure issued by cooperative banks and regional rural banks (RRBs) at intervals the country.

•           RuPay Credit cards were operative since Gregorian calendar month 2017, in line with NPCI director and business executive AP Hota with eight public sector banks, one private sector bank and one cooperative bank supply the cardboard with none formal launch. Immediate Payment Service

IMPS may be a fast payment inter-bank electronic funds transfer system in Republic of India. IMPS offers associate inter-bank electronic fund transfer service through mobile phones. The service is gettable 24×7 throughout the year in addition as bank holidays. NEFT was to boot created offered 24×7 from Dec 2019. RTGS was to boot created offered 24×7 from ordinal Dec 2020

It is managed by NPCI and is built upon the prevailing National financial Switch network. In 2010, the NPCI initially disbursed a pilot for the mobile payment system with four member banks (State Bank of Republic of India, Bank of Republic of India, Union Bank of Republic of India and ICICI Bank), and distended  it to include affirmative Bank, Axis Bank and HDFC Bank later that year. IMPS was publically launched on twenty 2 solar calendar month 2010. Currently, there unit fifty 3 business banks, 100 and one Rural/District/Urban and cooperative banks, and twenty four PPIi signed up for the IMPS service.

Around 200 million IMPS cluster actions quantifying to roughly US$20 billion of group action quantity happen monthly in Republic of India. The sender must perceive the bank account selection and additionally the Indian financial set-up Code of the beneficiary to transfer money.

National Unified USSD Platform

NUUP, to boot named because the *99# service, could also be a platform that has access to the Unified Payment Interface service over the USSD protocol. Initiated by the government of Republic of Asian nation and developed by the NPCI, it facilitates access to banking services from mobile phones. The USSD code to access the NUUP is *99#. TRAI has set a most ceiling of ₹1.5 per act for accessing the NUUP, although rates can dissent among service suppliers.

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Banking Professional with 16 Years of Experience. The idea to start this Blogging Site is to Create Awareness about the Banking and Financial Services.

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