The National Payments Corporation of India, though not known well, facilitates millions of transactions everyday and adds to the growth of the nation by aiding high-tech transactions, says Ram Rastogi
When you talk about payments, movement of funds, Aadhaar enabled payment systems or ATM-based payment system, the National Payments Corporation of India (NPCI) is there behind the scene looking after all this like an unsung hero. We do about 20 million transactions a day and are geared up for 50 million more. NPCI is committed to provide services to 65 crore people who are listed with Aadhaar.
We are committed to provide technology which is safe, secure, simple and robust enough. On one hand, Direct Benefit Transfers (DBTs) worth 1.46 trillion dollars happens through us, which works out to eight billion transactions in a year; on the other hand, 145 million households are going to have an account, so if each one of them does one transaction a day, 145 million transactions will happen, again through us.
“An amount of 285 million dollars can be saved if the government receipts are digitised and Rs. 1.65 crore can be saved if the money is shifted through Immediate Payment Services (IMPS)”
As a delegate asked about the use of pass book, I would say that there is none, as we are present. We have developed a USSD based platform *99# where the customer can simply dial this number and we can provide them their account balance and the details of the last five transactions.
An amount of 285 million dollars can be saved if the government receipts are digitised and Rs. 1.65 crore can be saved if the money is shifted through Immediate Payment Services (IMPS).
NPCI is committed to add to the growth of the nation, because we believe that a good payment system could increase the country’s GDP by one percent. So, use our services, be happy and serve the nation together.