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RuPay
RuPay ''(portmanteau of Rupee and Payment)'' is an Indian multinational financial services and payment service system, conceived and launched by the National Payments Corporation of India (NPCI) on 26 March 2012. It was created to fulfil the Reserve Bank of India's (RBI) vision of establishing a domestic, open and multilateral system of payments. RuPay facilitates electronic payment at all Indian banks and financial institutions. NPCI maintains ties with Discover Financial, JCB to enable RuPay card scheme to gain international acceptance. As of November 2020, around 60.3 crores (603.6 million) RuPay cards have been issued by nearly 1,158 banks. All merchant discount rate (MDR) charges were eliminated for RuPay transactions from 1 January 2020. All Indian companies with an annual turnover exceeding are required to offer RuPay payment options to their customers. Background In 2009, RBI had asked the Indian Bank Association to create a non-profit payment company which wi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Card Reciprocal Agreements
In order to expand the acceptance of their credit and debit cards, many networks, such as Discover Card, Discover, Japan Credit Bureau, JCB, China UnionPay, UnionPay, BC Card, RuPay and Troy (card scheme), TROY create alliances with other networks. Existing reciprocal agreements The table below is designed so that one can easily look up his/her branded card in the first column, and see what other networks it is accepted on. Information, naturally, will be repeated as a result. References {{Reflist Credit card issuer associations ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Payments Corporation Of India
The National Payments Corporation of India is an umbrella organization for operating retail payments and settlement systems in India, is an initiative of Reserve Bank of India (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 was created by RBI for operating retail payments and settlement systems in India. Organisation Founded in December 2008, the NPCI is a not-for-profit organisation registered under Section 8 of the Companies Act 2013, established by the Reserve Bank of India and Indian Banks' Association. The organisation is owned by a consortium of major banks, and has been promoted by the country's central bank, the Reserve Bank of India. The NPCI was incorporated in December 2008 and the Certificate of Commencement of Business was issued in April 2009. The authorised capital has been pegged at and paid-up capital is . Initially, there w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debit Card
A debit card, also known as a check card or bank card is a payment card that can be used in place of cash to make purchases. The term '' plastic card'' includes the above and as an identity document. These are similar to a credit card, but unlike a credit card, the money for the purchase must be in the cardholder's bank account at the time of a purchase and is immediately transferred directly from that account to the merchant's account to pay for the purchase. Some debit cards carry a stored value with which a payment is made (prepaid card), but most relay a message to the cardholder's bank to withdraw funds from the cardholder's designated bank account. In some cases, the payment card number is assigned exclusively for use on the Internet and there is no physical card. This is referred to as a virtual card. In many countries, the use of debit cards has become so widespread they have overtaken checks in volume, or have entirely replaced them; in some instances, debit ca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contactless Smart Card
A contactless smart card is a contactless credential whose dimensions are credit-card size. Its embedded integrated circuits can store (and sometimes process) data and communicate with a terminal via NFC. Commonplace uses include transit tickets, bank cards and passports. There are two broad categories of contactless smart cards. Memory cards contain non-volatile memory storage components, and perhaps some specific security logic. Contactless smart cards contain read-only RFID called CSN (Card Serial Number) or UID, and a re-writeable smart card microchip that can be transcribed via radio waves. Overview A contactless smart card is characterized as follows: *Dimensions are normally credit card size. The ID-1 of ISO/IEC 7810 standard defines them as 85.60 × 53.98 × 0.76 mm (3.370 × 2.125 × 0.030 in). *Contains a security system with tamper-resistant properties (e.g. a secure cryptoprocessor, secure file system, human-readable features) and is capable of providing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
BharatQR
BharatQR, developed by NPCI, Mastercard, and Visa, is an integrated payment system in India for mobile devices. The system, which was launched in September 2016, facilitates users to transfer their money from one source to another. The money transferred through BharatQR is received directly in the user's linked bank account. It provides a common interface between RuPay, Mastercard, Visa and American Express, and is interoperable with all the banks. Currently, BharatQR is supported on both Android and iOS devices. Overview BharatQR was launched in September 2016 as per the directions set by the Reserve Bank of India with the aim of facilitating India in transition to a less-cash society. The system helps in enabling digital payments to reduce the usage of card machines for payment. A number of banks supported BharatQR, before the system was launched, and got ready to deploy it. Although, BharatQR primarily works by scanning QR codes, it is not the only way to make payment ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Discover Financial
Discover Financial Services is an American financial services company that owns and operates Discover Bank, which offers checking and savings accounts, personal loans, home equity loans, student loans and credit cards. It also owns and operates the Discover and Pulse networks, and owns Diners Club International. Discover Card is the third largest credit card brand in the United States, when measured by cards in force, with nearly 50 million cardholders. Discover is currently headquartered in the Chicago suburb of Riverwoods, Illinois. History In 1981, Sears purchased the Dean Witter Reynolds brokerage firm organization and Coldwell, Banker & Company (real estate franchise) as an attempt to add financial services to its portfolio of customer services. In 1985, Sears also acquired the Greenwood Trust Company. Altogether, these companies operated as a Sears subsidiary called Dean Witter Financial Services Group, Inc. The plan to create a one-stop financial-services center in S ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Visa Debit
Visa Debit is a major brand of debit card issued by Visa in many countries around the world. Numerous banks and financial institutions issue Visa Debit cards to their customers for access to their bank accounts. In many countries the Visa Debit functionality is often incorporated on the same plastic card that allows access to ATM and any domestic networks like EFTPOS or Interac. Usage In many countries the Visa Debit functionality has been added to existing ATM cards to allow customers to use the card for internet and point of sales transactions. Australia Bendigo Bank issued the first Visa Debit card in 1982, more than two decades before Mastercard Debit, or widespread Visa Debit use in Australia. Today it is in wide issuance, and domestically switches over local networks, though for new banks, connection to Visa is permitted. Canada In Canada, virtually all domestic debit card transactions are processed over the Interac network, though several financial institutions have a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Payment System
A payment system is any system used to settle financial transactions through the transfer of monetary value. This includes the institutions, instruments, people, rules, procedures, standards, and technologies that make its exchange possible.Biago Bossone and Massimo Cirasino, "The Oversight of the Payment Systems: A Framework for the Development and Governance of Payment Systems in Emerging Economies"The World Bank, July 2001, p.7 A common type of payment system, called an operational network, links bank accounts and provides for monetary exchange using bank deposits. Some payment systems also include credit mechanisms, which are essentially a different aspect of payment. Payment systems are used in lieu of tendering cash in domestic and international transactions. This consists of a major service provided by banks and other financial institutions. Traditional payment systems include negotiable instruments such as drafts (e.g., cheques) and documentary credits such as letters ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Services
Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual asset managers, and some government-sponsored enterprises. History The term "financial services" became more prevalent in the United States partly as a result of the GrammLeachBliley Act of the late 1990s, which enabled different types of companies operating in the U.S. financial services industry at that time to merge. Companies usually have two distinct approaches to this new type of business. One approach would be a bank that simply buys an insurance company or an investment bank, keeps the original brands of the acquired firm, and adds the acquisition to its holding company simply to diversify its earnings. Outside the U.S. (e.g. Japan), non-financia ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reserve Bank Of India
The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible for the control, issue and maintaining supply of the Indian rupee. It also manages the country's main payment systems and works to promote its economic development. Bharatiya Reserve Bank Note Mudran (BRBNM) is a specialised division of RBI through which it prints and mints Indian currency notes (INR) in two of its currency printing presses located in Nashik (Western India) and Dewas (Central India). RBI established the National Payments Corporation of India as one of its specialised division to regulate the payment and settlement systems in India. Deposit Insurance and Credit Guarantee Corporation was established by RBI as one of its specialised division for the purpose of providing insurance of deposits and guaranteeing of credit fa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Card
A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the other agreed charges). The card issuer (usually a bank or credit union) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance. There are two credit card groups: consumer credit cards and business credit cards. Most cards are plastic, but some are metal cards (stainless steel, gold, palladium, titanium), and a few gemstone-encrusted metal cards. A regular credit card is different from a charge card, which requires the balance to be repaid in full each month or at the end of each statement cycle. In contrast, credit cards allow the consumers to build a continuing balance of debt, subject to interest being charged. A credit car ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
JCB Co
JCB may refer to: * JCB (company), a British manufacturer of heavy industrial and agricultural vehicles * JCB Co., Ltd., originally Japan Credit Bureau, a credit card company based in Tokyo, Japan * JCB Prize, a literary award sponsored by the company JCB * "JCB" (song), a 2005 song by Nizlopi featuring a JCB excavator * ''Journal of Cell Biology'', a weekly biology journal published by the Rockefeller University Press * ''Journal of Crustacean Biology'', a quarterly biology journal specialising in carcinology * ''Juris Canonici Baccalaureus'', Bachelor of Canon law Canon law (from grc, κανών, , a 'straight measuring rod, ruler') is a set of ordinances and regulations made by ecclesiastical authority (church leadership) for the government of a Christian organization or church and its members. It is t ... degree * University of Toronto Joint Centre for Bioethics, a research center * Jimmy Carl Black, American musician {{disambiguation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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