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On July 19, 2024, The New Indian Express published an article stating that Punjab National Bank, Axis Bank, State Bank of India, and ICICI Bank had already started using the UPI credit line product on a trial basis. When it comes to granting pre-approved loans through credit lines on UPI, ICICI Bank is the industry leader. [59] [60]
Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India facilitating inter-bank transactions. The interface is regulated by the Reserve Bank of India and works by instantly transferring funds between two bank accounts on a mobile platform .
India Stack refers to the project of creating a unified software platform to bring India's population into the digital age. Its website describes its mission as follows: "India Stack is a set of open APIs that allows governments, businesses, startups and developers to utilize a unique digital Infrastructure to solve India’s hard problems towards presence-less, paperless, and cashless service ...
Tez was a mobile payments service by Google, targeted at users in India, [1] later folded into the new Google Pay app on 28 August 2018. [2] It operated atop the Unified Payments Interface, developed by the National Payments Corporation of India. [3]
PhonePe is an Indian digital payments and financial services company headquartered in Bengaluru, Karnataka, India. [5] [6] It was founded in December 2015, [7] [2] by Sameer Nigam, Rahul Chari and Burzin Engineer. [8]
Structured Financial Messaging System (SFMS) is a secure messaging standard developed to serve as a platform for intra-bank and inter-bank applications. It is an Indian standard similar to SWIFT which is the international messaging system used for financial messaging globally. SFMS can be used for secure communication within the bank and ...
BHIM (Bharat Interface for Money) is an Indian state-owned mobile payment app developed by the National Payments Corporation of India (NPCI), based on the Unified Payments Interface (UPI). Launched on 30 December 2016, [ 1 ] it is intended to facilitate e-payments directly through banks and encourage cashless transactions.
Firstsource started its operations in 2001 as ICICI InfoTech Upstream Ltd, a business process outsourcing organisation wholly owned by ICICI Bank, India’s largest private financial services organisation. [6] Its name was changed to Firstsource Solutions Limited in 2006. [7] The same year, Firstsource opened a branch office in the Philippines. [6]