NPCI BHIM unveils the Magic of UPI Circle. Are you ready?

UPI Circle Unveiled: The Magic of Delegated Payments Without the Hassle

         NPCI BHIM has official announced the launch of ‘UPI Cirlce’, on its website.

         Read more @ https://www.bhimupi.org.in/upi-circle

         Read about the UPI Circle product overview @ https://www.npci.org.in/what-we-do/upi-circle/product-overview

         Read the FAQs @ https://www.npci.org.in/what-we-do/upi-circle/faqs

         Yes, you have to  wait a bit longer, before you can experience in real life.

         Well, the wait may be up to couple of weeks.

         As per news reports, there was a demonstration of UPI Circle at the ongoing Global Fintech Festival 2024 (GFF24)

         See the marketing video of UPI Circle @ https://www.youtube.com/watch?v=guix7SvVVjA

         Yes, in the interim decide all whom you wish to include in your  UPI Circle

         Yes, in the initial days, there will be maximum transaction limits.

         Yes, this is a very unique feature, could be World’s first.

         No, UPI Lite payment cannot be delegated.

         So, get set ready to experience the Magic of UPI Circle

 

The Magic of UPI Circle Goes Live: Revolutionizing Shared Finances with Ease

 

I am advocating for World Safe ePay Day.

The final goal of all my Blog Posts and social media interactions is to have a Day declared as World Safe ePay Day.

Step into the Magic of UPI Circle: Where Digital Payments Meet Real-Life Convenience

Disclaimer: These are my thoughts only. The only Bliss is promoting the Joy of Safe ePayments. World Safe ePay Day  is a medium to experience the Joy of Safe ePayments.

Copyrights, rest with the original copyright holders only.

 

Day 24, Modi's UPI Challenge 📆 🚇Indian metros seek less cash, more magic: BBPS, UPI, ONDC 💳📲.

 

Bangalore Metro's QR-code ticketing embraces the open network!

Day 24 marks a pivotal moment in PM Modi's 30-Day UPI Challenge! 📆 The latest revelation hints at an imminent revolution in the landscape of UPI transactions, with BBPS/ONDC set to play a transformative role in the realm of Metro Tickets. 🚇💳

Journeys on metro systems across India represent a unique conundrum—high in volume but low in individual transaction value. 🎫🔍

In the world of metro management, the mantra is clear: the lesser the reliance on cash, the better. And here's where the enchantment lies—in the synergistic combination of Bharat Bill Payment System (BBPS), UPI, and ONDC (Open Network for Digital Commerce). 💳📲

Breaking ground and setting the tone for this revolutionary wave is the Bangalore Metro Rail Corporation Limited (BMRCL), taking the lead by inviting tenders for the integration of QR Code Mobile Ticketing and Smart Card Recharge with the formidable duo of BBPS and ONDC. 🤝🛠️

This bold initiative isn't just confined to Bangalore; it's a beacon that other metros can follow with minor adjustments.

The applause is rightfully earned by the visionary team, recognizing the potential synergy of UPI/BBPS/ONDC and its profound impact on elevating UPI volumes. Let the celebration commence! 🎉

Bangalore Metro's adoption of QR-code ticketing is a paradigm shift, embracing the openness of the network! 🌐

Delving into the details of the tender, BMRCL seeks bids for the seamless integration of QR Code mobile ticketing and smart card recharge with the robust platforms of BBPS and ONDC. 🤖🎟️

BMRCL, the Special Purpose Vehicle entrusted with the Bangalore Metro Rail Project, provides a comprehensive view of the current ticketing system and unveils ambitious plans for the integration with BBPS and ONDC. 🚆💡

Let's explore the expansive scope of services outlined in this transformative endeavour:

**BBPS Integration: - Design/Development/Integration with BBPCU (Bharat Bill Pay Central Unit)

- QR code-based mobile ticketing issuance for Bangalore Metro

- Recharge of closed-loop CSCs (Contactless Smart Cards)

- Migration of existing direct integrations onto the BBPS platform

- Transaction clearing, reconciliation, and money settlement

- Support and helpdesk services for cardholders and commuters

- Ensuring security compliance

- Admin portal tailored for BMRCL's needs

 

**ONDC Integration: - Design/Development/Integration with ONDC (Open Network for Digital Commerce)

- QR code-based mobile ticketing issuance for Bangalore Metro

- Recharge of closed-loop CSCs on behalf of BMRCL

- Supply, installation, testing, and commissioning of Adaptor Hardware and Software within BMRCL premises

- Development, testing, and commissioning of Seller Application on behalf of BMRCL

- Migration of existing direct integrations onto the ONDC platform

- Transaction clearing, reconciliation, and money settlement

- Support and helpdesk services for cardholders and commuters

- Ensuring security compliance

- Admin portal tailored for BMRCL's administrative needs

 

This strategic move by BMRCL is a leap toward a future where metro transactions are not just seamless but also secure. 🌐🚇💼

Stay tuned for more updates on this groundbreaking #UPIChallenge, #DigitalIndia initiative! #BBPS #ONDC #MetroRevolution 🚀

A stellar move that can be replicated by other metros with minimal tweaks! 🔄 Kudos to the team for unlocking the potential of UPI/BBPS/ONDC and boosting UPI volumes. Let the party begin! 🎉

A futuristic step towards seamless and secure metro transactions! 🌐🚇💼 #UPIChallenge #DigitalIndia #BBPS #ONDC #MetroRevolution

 

**Paving the Way for Safe ePayments: Declaring Safe ePayDay! ** 🚀

In the vast realm of digital transactions, the spotlight is now on declaring a special day — Safe ePayDay / Safe ePayments Day! 💳✨

 

🚀 The countdown has begun, and the day is fast approaching when we'll join together in a global celebration of Safe ePayDay.

🌍✨ Imagine a day dedicated to promoting secure, seamless, and responsible electronic transactions, uniting individuals, and businesses alike.

 

Stay tuned for the momentous occasion when we collectively recognize and applaud the significance of secure ePayments in shaping a trustworthy financial landscape. 🎉💼

Let's usher in the era of Safe ePayDay, a day where we celebrate the reliability and resilience of electronic payment systems worldwide! 🌐💳 #SafeePayDay #DigitalTrust #SecureTransactions 🚀

 

 

📢 Disclaimer: These are my personal views only.

🌐 The focus is declaring a Day as Safe ePayDay / Safe ePayments Day.

🚀 Yes, the day is not far off when there will be a celebration of Safe ePayDay / Safe ePayments Day.

Copyrights if any, belong to the original copyright holder only.

 

Additional Readings:

💳✨ Happy RuPay Credit Card User Shares Positive Vibes! ✨💳** @ https://prashantnepayments.blogspot.com/2023/11/happy-rupay-credit-card-user-shares.html

PM Modi Urges Exclusive Use of UPI on Mann Ki Baat: A Month Dedicated to Digital Payments @

https://prashantnepayments.blogspot.com/2023/11/pm-modi-urges-exclusive-use-of-upi-on.html

 

 

 

 

 

 

Mahesh Bank – Direct RTGS Member

Mahesh Bank – Direct RTGS Member

Today Mahesh Bank, headquartered in Hyderabad, Andhra Pradesh, announced the launch of RTGS Services for its customers.

The Bank has 33 branches primarily in Andhra Pradesh. It has also has a branch each in Jaipur and Mumbai.

The Bank was accorded SCHEDULED STATUS by Reserve Bank of India from 26th October, 1996 - the first Co-operative Bank to be accorded this status in the entire South India.

RTGS is only a path to join the ATM Network, by becoming a member of the Shared ATM Network.

http://thehindubusinessline.com/2011/01/25/stories/2011012550702100.htm

Kudos to Mahesh Bank for joining the Safe ePayments train.

I am sure; it will reap the benefits of this action.

IBA - Conferences

IBA  - Conferences

Indian Bank Association – IBA regularly organizes conferences on various banking issues.

The conferences are paid events and the participants have to remit the conference fees.

Till 2010, IBA used to collect the same through Demand Drafts/Pay Orders

However, in 2011, it has introduced an ePayments option too i.e. SWIFT and NEFT mode.

A sample registration form can be accessed @

http://www.iba.org.in/events/2011Registration.pdf

This is a great way to popularize ePayments.

The ePayments option can be adopted by other Conference Organizers too.

Cheers to IBA.

Number of Digits in a Bank Account

Number of Digits in a Bank Account

The key to a successful ePayment i.e RTGS/NEFT/ECS/Direct Credit is the beneficiary’s correct account number. Hence, it is of utmost for the sender to satisfy himself/herself, about the correctness of the beneficiary’s account before initiating a ePayment.

Fortunately, in all Internet Banking Modules, the Beneficiary details have tobe entered only once, and stored for future utilization.

The best technique to conform the beneficary’s account number is a copy of the Cheque leaf of the beneficiary’s bank account.

The number of digits in a Bank Account varies from Bank to Bank. However, in a Core Banking Scenario (CBS), the Bank account numbering style is common across the Bank.

Please find enclosed Details of Length of Account Numbers in Digits of few Banks.  

This will help the Senders to have a quick check as to whether the receiver is providing the correct Bank account number or not.

Of course, the standard Disclaimer applies to this Post too.

NEFT Network Banks – 99 now.

NEFT Network Banks – 99 now.
NEFT is for a major break-through. As on July 13th, 2010, 99 Banks were on the NEFT Network.
Just 1 short of 100. And, I am sure that the number 100 will be crossed by this month end only.

The List of Banks on NEFT network is as under:-
The next step I am looking is the crossing of 75,000 + branches.
This step should be scaled by this year end, or even earlier.

One most significant factor to be noticed is that more and more Co-operative Sector Banks are joining the NEFT bandwagon.

Almost all the Mumbai based co-operative banks are part of the NEFT network now.

Co-operative banks have few branches, but as a large number of local prefer additional accounts, these banks have an important role to play in the rapid acceleration of ePayments



Sr. No. Bank Name No. of branches as on July 13, 2010
1. ABHYUDAYA COOP BANK - NEFT Participant Bank 88
2. ABU DHABI COMMERCIAL BANK - NEFT Participant Bank 2
3. AHMEDABAD MERC COOP BANK - NEFT Participant Bank 22
4. ALLAHABAD BANK - NEFT Participant Bank 1009
5. ANDHRA BANK - NEFT Participant Bank 1558
6. AXIS BANK - NEFT Participant Bank 1007
7. B N PARIBAS BANK - NEFT Participant Bank 8
8. BANK OF AMERICA - NEFT Participant Bank 5
9. BANK OF BAHREIN & KUWAIT - NEFT Participant Bank 1
10. BANK OF BARODA - NEFT Participant Bank 3099
11. BANK OF CEYLON - NEFT Participant Bank 1
12. BANK OF INDIA - NEFT Participant Bank 3214
13. BANK OF MAHARASHTRA - NEFT Participant Bank 1456
14. BANK OF NOVA SCOTIA - NEFT Participant Bank 5
15. BANK OF RAJASTHAN - NEFT Participant Bank 463
16 BANK OF TOKYO-MITSUBISHI - NEFT Participant Bank 3
17. BARCLAYS BANK - NEFT Participant Bank 1
18. BASSEIN CATHOLIC CO-OP BANK* - NEFT Participant Bank 27
19. BHARAT COOPERATIVE BANK - NEFT Participant Bank 34
20. CREDIT AGRICOLE CORPORATE AND INVESTEMENT BANK 6
21. CANARA BANK - NEFT Participant Bank 3120
22. CATHOLIC SYRIAN BANK - NEFT Participant Bank 362
23. CENTRAL BANK OF INDIA - NEFT Participant Bank 2599
24. CHINATRUST COMMERCIAL BANK - NEFT Participant Bank 1
25. CITI BANK - NEFT Participant Bank 42
26. CITIZEN CREDIT COOP BANK - NEFT Participant Bank 28
27. CITY UNION BANK - NEFT Participant Bank 224
28. CORPORATION BANK - NEFT Participant Bank 1139
29. COSMOS CO-OP. BANK - NEFT Participant Bank 101
30. DENA BANK - NEFT Participant Bank 1133
31. DEUTSCHE BANK - NEFT Participant Bank 16
32. DEVELOPMENT BANK OF SINGAPORE - NEFT Participant Bank 6
33. DEVELOPMENT CREDIT BANK - NEFT Participant Bank 84
34. DHANALAKSHMI BANK - NEFT Participant Bank 271
35. DICGC - NEFT Participant Bank 1
36. DOMBIVLI NAGARI SAHAKARI BANK LTD - NEFT Participant Bank 29
37. FEDERAL BANK - NEFT Participant Bank 679
38. GREATER BOMBAY CO-OP. BANK LTD - NEFT Participant Bank 18
39. HDFC BANK LTD. - NEFT Participant Bank 1741
40. HONG KONG & SHANGHAI BANK - NEFT Participant Bank 51
41. ICICI BANK LTD. - NEFT Participant Bank 1821
42. IDBI BANK - NEFT Participant Bank 777
43. INDIAN BANK - NEFT Participant Bank 1710
44. INDIAN OVERSEAS BANK - NEFT Participant Bank 2012
45. INDUS-IND BANK - NEFT Participant Bank 215
46. ING VYSYA BANK - NEFT Participant Bank 503
47. JAMMU & KASHMIR BANK - NEFT Participant Bank 388
48. JANKALYAN SHAKARI BANK - NEFT Participant Bank 26
49. JP MORGAN CHASE BANK - NEFT Participant Bank 1
50. KALUPUR COMM COOP BANK - NEFT Participant Bank 36
51. KALYAN JANATA SAHAKARI BANK - NEFT Participant Bank 16
52. KAPOLE BANK - NEFT Participant Bank 1
53. KARNATAKA BANK - NEFT Participant Bank 476
54. KARNATAKA STATE COOP APEX BANK - NEFT Participant Bank 1
55. KARUR VYSYA BANK - NEFT Participant Bank 365
56. KOTAK MAHINDRA BANK - NEFT Participant Bank 259
57. LAKSHMI VILAS BANK - NEFT Participant Bank 293
58. MAHANAGAR COOP BANK - NEFT Participant Bank 28
59. MASHREQ BANK - NEFT Participant Bank 1
60. MEHSANA URBAN COOPERATIVE BANK LTD - NEFT Participant Bank 25
61. MIZUHO CORPORATE BANK LTD - NEFT Participant Bank 1
62. MSCB - NEFT Participant Bank 35
63. NAINITAL BANK LTD - NEFT Participant Bank 101
64. NEW INDIA CO-OPERATIVE BANK - NEFT Participant Bank 19
65. NKGSB BANK - NEFT Participant Bank 38
66. NUTAN NAGARIK SAHAKARI BANK - NEFT Participant Bank 20
67. OMAN INTERNATIONAL BANK - NEFT Participant Bank 1
68. ORIENTAL BANK OF COMMERCE - NEFT Participant Bank 1570
69. PARSIK JANATA SAHAKARI BANK - NEFT Participant Bank 25
70. PUNJAB AND MAHARASHTRA BANK COOP LTD - NEFT Participant Bank 34
71. PUNJAB AND SIND BANK - NEFT Participant Bank 371
72. PUNJAB NATIONAL BANK - NEFT Participant Bank 4855
73. RATNAKAR BANK - NEFT Participant Bank 88
74. RESERVE BANK OF INDIA - NEFT Participant Bank 4
75. SARASWAT CO-OPERATIVE BANK - NEFT Participant Bank 216
76. SHAMRAO VITHAL COOP BANK - NEFT Participant Bank 90
77. SHINHAN BANK - NEFT Participant Bank 2
78. SOCIETE GENERALE - NEFT Participant Bank 2
79. SOUTH INDIAN BANK - NEFT Participant Bank 581
80. STANDARD CHARTERED BANK - NEFT Participant Bank 95
81. STATE BANK OF BIKANER AND JAIPUR - NEFT Participant Bank 866
82. STATE BANK OF HYDERABAD - NEFT Participant Bank 1206
83. STATE BANK OF INDIA - NEFT Participant Bank 13090
84. STATE BANK OF INDORE - NEFT Participant Bank 480
85. STATE BANK OF MAURITIUS - NEFT Participant Bank 1
86. STATE BANK OF MYSORE - NEFT Participant Bank 689
87. STATE BANK OF PATIALA - NEFT Participant Bank 869
88. STATE BANK OF TRAVANCORE - NEFT Participant Bank 751
89. SURAT PEOPLE’S CO-OP BANK** - NEFT Participant Bank 23
90. SYNDICATE BANK - NEFT Participant Bank 2362
91. TAMILDADU STATE APEX COOP BANK - NEFT Participant Bank 1
92. TAMILNADU MERC. BANK - NEFT Participant Bank 218
93. THANE JANATA SAHAKARI BANK - NEFT Participant Bank 54
94. THE ROYAL BANK OF SCOTLAND - NEFT Participant Bank 31
95. UCO BANK - NEFT Participant Bank 2153
96. UNION BANK OF INDIA - NEFT Participant Bank 2895
97. UNITED BANK OF INDIA - NEFT Participant Bank 1556
98. VIJAYA BANK - NEFT Participant Bank 1244
99. YES BANK - NEFT Participant Bank 150
Total 69395

eMagic-Withdraw Cash from POS(Point of Sales)-Union Bank is the first Bank in this Arena

eMagic-Withdraw Cash from POS(Point of Sales)-Union Bank is the first Bank in this Arena

Union Bank is planning to be the first bank in the country to offer Cash Withdrawal Facilities at its Point of Sales (POS) Terminals, as per newspaper reports.

This facility is in accordance with : -

http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5184&Mode=0

My earlier Post on this can be accessed at

http://prashantnepayments.blogspot.com/2009/07/emagic-withdraw-cash-from-pospoint-of_24.html

The highlights of Union Bank of India announcement is

01)                      Launch the product by end of December 2009.

02)                     Initial target is Rural India, with 25,000 POS terminals to have this facility.

03)                     In the initial stages, this Product is accessible to only Union Bank of India Account Holders.

04)                     On stabilization, the Product to be rolled out to other Bank Account Holders too.

Union Bank of India, has again taken the lead, in introduction of new Products

Cheers, UNION BANK OF INDIA

Cash Withdrawal from POS Terminals-Shops,Petrol Stations, Hotels-FREE OF CHARGE

Cash Withdrawal from POS Terminals-Shops,Petrol Stations, Hotels-FREE OF CHARGE

15 days has passed since RBI, has allowed withdrawal of cash through POS Terminals. It is early days, for the Program to go live. The first transaction, under this Program, is expected by the middle of next year i.e 2010.

It is relevant to note, that this Program is already up and running in other European/American countries, and therefore the basic technology is in place.

One important aspect, on which Reserve Bank of India is silent, is regarding the charges.
Maybe RBI, felt that the charges issue be determined by the market forces only.

Another important aspect is that RBI has made it clear, withdrawal of cash and purchases at the same store need not be clubbed.
The world over, cash withdrawal is clubbed together with purchases at the store.

This unique facet of the Notification, adds a new dimension to the IT to be deployed.
In my opinion, there should be the service should be FREE OF CHARGE.
The following are reasons:-

01)    Installation Cost of POS Terminal is very less compared to ATM.

02)    Operating Costs of POS Terminals are very less compared to ATM.
 

03)    Stores need not invest in additional space, manpower to offer this service.
 

04)    Through this service, stores can attract new customers.
 

05)    Through this service, stores can increase the ARPC(Average Revenue Per Customer)
 

06)    Through this service, Banks can increase the float in Current Accounts. POS Merchants have invariably the current account with the POS Terminal Banks.
 

07)     Through this service, Banks can increase the float in Savings Accounts. As a saving bank account holder, I will be willing to park my money in saving account, if I am sure, that I can withdraw anytime, anywhere. 
 

08)     At present, the Cash withdrawal from ATM’s is free in India. Hence, if a Service Fee is charged for Cash withdrawal from POS Terminals, customers will prefer to withdraw cash from ATM’s only.
 

09)    Pricing this service free, will enable customers to experience the magic of ePayments.
 

10)    Pricing the service free, will stimulate more transaction activity, in the cards, which will lower down the transaction costs.

Any more reasons, folks, for the Service to be FREE.

Visit http://prashantnepayments.blogspot.com/2009/07/emagic-withdraw-cash-from-pospoint-of_24.html

for my earlier post on this subject

eMagic-Withdraw Cash from POS(Point of Sales)

eMagic-Withdraw Cash from POS(Point of Sales)

A small notification by Reserve Bank of India-DPSS, has the magic to unleash the genie of ePayments in our country.

As a further step towards enhancing the customer convenience in using the plastic money, the Reserve Bank of India (RBI) has decided to permit cash withdrawals at point-of-sale (POS) terminals.

The complete Notification can be accessed at
http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5184&Mode=0

To enable the customers, Banks, System Integrators, and System Solution Providers, to stablise, RBI has for the time being allowed a maximum cash withdrawal of Rs1000/- from POS.
Once, all the players are comfortable, the amount might be enhanced.

The beauty of this concept is the facility is available irrespective of whether the card holder makes a purchase or not.
In majority of the countries, Cash withdrawal from POS is allowed only when purchases are made in the particular establishment.

Reserve Bank of India-DPSS by making its intention clear in the first Notification itself, reflects the maturity of the admired Institution.

In future posts, I will be analyze in detail, the impact of this astonishing notification.

Salaam R B I