Tag: npci

RuPay Brings CVV-Less Payments for Tokenised Cards on Supported E-Commerce Merchants

The National Payments Corporation of India (NPCI) on Monday said RuPay has now introduced the CVV (Card Verification Value) free payment experience for its debit, credit and prepaid cardholders who have tokenized their cards on the merchant application or webpage.

This new CVV-less experience ensures that the cardholder will not have to reach out to their wallet or remember any card details, if they have saved (tokenized) their card on the ecommerce merchant which supports this feature, NPCI said in a statement.

Tokenization is a simple technology to secure card transactions without sharing the clear or real card details with the merchants.

When a cardholder opts to save their card for a domestic ecommerce transaction, they authenticate the transaction through the card details (Card number, CVV, Card expiry date) as a one-time activity followed by entering the OTP (two-factor authentication), the details are then Tokenized and saved with the merchant, it said.

This safeguards the card details of the customer from cyber frauds as real details are not saved with the merchant.

The merchants live for CVV-less payments, for the subsequent transactions customer can complete the payment by just entering the OTP without the need to enter the CVV or other card details again, it said.

RuPay, the homegrown card network developed by NPCI, went live on Card on File Tokenization in 2021, in line with RBI’s guidelines, for its domestic ecommerce transactions to ensure better security for all its cardholders.

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RBI Enables Bharat Bill Payment System to Allow Cross-Border Inbound Payments

The Reserve Bank of India (RBI) has enabled the Bharat Bill Payment System (BBPS) to process cross-border inbound payments for the non-resident Indians (NRIs). After the enabling of the inbound payment process, the NRIs no longer need to send money to the India-based accounts of their family members to pay utility bills in India. Now, they will be able to pay these utility bills directly through BBPS. It was earlier reported that the RBI has been planning to enable the inbound payments.

In a statement issued on Thursday, the RBI announced to let NRIs pay utility bills and education fees of their family members in India using the BBPS, a payment portal of National Payments Corporation of India (NPCI).

NPCI is an initiative taken by the RBI and Indian Banks’ Association (IBA) to facilitate digital payments and settlement systems in the country.

The RBI Governor Shaktikanta Das made an announcement in this regard last month. Back then, he said, “This will enable Non-Resident Indians (NRIs) to undertake bill payments for utility, education and other such payments on behalf of their families in India.”

To recall, the BBPS is an interoperable platform to make payments and pay bills. The system reportedly has over 20,000 billers are part of the system, accounting for more than 8 crore transactions each month.

 

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RuPay Credit Cards Will Be Linked to UPI Platform in a Few Months: NPCI MD

With cash usage continuing to remain high despite a jump in online payments, a top NPCI official on Friday said currency in circulation will reduce only when a third of the population starts using digital payment alternatives.

National Payments Corporation of India (NPCI) Managing Director and Chief Executive Officer Dilip Asbe said that right now, the overall universe of people using services like the Unified Payments Interface (UPI) is 250 million or about a fifth of the population.

“… unless we see one-third of the population on both demand and supply side having the digital payment structure, it is very difficult to start seeing some reduction in cash in circulation,” Asbe said while speaking at an event organised by Bank of Baroda.

Given the current growth, he said it will take between 12 and 18 months for the reduction in cash in circulation.

For the last many months, high Currency in Circulation (CIC) has been baffling industry watchers since official data has been showing a spike in digital payments through mediums such as UPI.

CIC has risen to over 14 percent of GDP as against 12 percent in 2016 during demonetisation.

Asbe explained that it is a “complex situation”, and pointed out that despite the payments into people’s bank accounts under the direct benefit transfer scheme, people cash out from the Automated Teller Machines (ATMs). Moreover, ‘rolling cash’ has also increased as seen at ATMs and point of sale transactions’ average ticket sizes.

In developed countries, he said, CIC as a percentage of GDP is in single digits, and given all the efforts and awareness campaigns, “we should aim for the CIC to reduce to single digits in the next five years”.

Asbe said there will be ten times growth in the transaction volumes and Indians will be executing a billion digital payments transaction in a day.

He also said that in the next couple of months, RuPay credit cards will be linked to the UPI platform.

NPCI is in talks with SBI Cards, BoB Cards, Axis Bank and Union Bank of India for the same and will submit a proposal to the Reserve Bank of India (RBI) to take forward the policy announcement on the UPI front.

“We might have to take care of the smaller merchants and protect them from the MDR (Merchant Discount Rate) while the existing credit card servicing merchants can continue to pay,” he said.

UPI transactions, which were carried out till now linked to saving bank accounts, are free by mandate while the credit card players are allowed to charge up to 2 percent of a transaction as MDR which is to be paid by merchants.

Asbe said NPCI is in talks with over 30 countries from an internationalisation of UPI perspective, which includes both helping countries create their own payments networks and also making cross-country payments easier using the platform.

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