RuPay – India’s answer to Visa and Mastercard
RuPay is the brand of domestic card scheme floated by National Payments Corporation of India (NPCI). RuPay is a portmanteau word formed by the combination of Rupee and Payment and it also sounds very similar to hindi pronunciation of Rupees. Currently, all the card payments are routed through Visa or Mastercard which are world leaders in this area and these transactions are processed outside the country. After launching RuPay, the same process will be replaced by processing within the country.…
IMPS – Interbank Mobile Payment Service
1. What is IMPS? Interbank Mobile Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. IMPS facilitate customers to use mobile instruments as a channel for accessing their banks accounts and remitting funds therefrom. 2. Presently, how are interbank fund transfers made using mobile phone? Various banks are providing remittance facility through their mobile banking platforms. The interbank remittance request initiated from a mobile is processed by the beneficiary bank as a National Electronic Fund…