What is the role of TPAPs in the payment space?
In the payment space, third-party service providers are primarily in the form of TPAPs, Payment gateways, and Payment aggregators. Presently, around 200 crore UPI transactions are undertaken each month out of which a sizeable share are originated through the Third Party Application Providers (TPAPs). In the financial space, third-party apps are often connected to a…
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How IFSC code number of a bank branch is used for electronic money transfer?
IFSC is a short form for Indian Financial System Code. Usually, this code can be found on the passbook and the cheque leaves provided by the bank. IFSC Code is significant to transfer funds online between banks in India. It enables instant fund transfer through modes such as NEFT/ RTGS and IMPS, thus providing safety…
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What is a MICR code on a cheque leaf?
MICR is an acronym for Magnetic Ink Character Recognition. The technology of MICR is primarily used by the banking industry to facilitate the processing of cheques. The MICR code is located on the bottom of a cheque leaf. The code line in a cheque is the clear White Band portion at the bottom of the…
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What is National Common Mobility Card (NCMC)?
National Common Mobility Card (NCMC) was launched in March 2019, with the tagline ‘One Nation One Card’. It is a single combo card offering a combination of a Debit / Credit with a prepaid card. A customer holding an NCMC card needs not to carry multiple cards with him for using the different purposes. The…
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Why is Aadhaar Payment Bridge (APB) System required for crediting subsidies?
Aadhaar Payment Bridge (APB) System, that uses Aadhaar number for electronic crediting of government subsidies and benefits in Aadhaar-linked bank account which were earlier mostly done either in cash or cheque. Besides transferring the benefits and subsidies under DBT schemes, the system also serves the goal of financial inclusion and provides an opportunity to the…
Do you know how BIN/IIN enables card issuers to issue trillion different account numbers?
BIN is an acronym for Bank Identification Number which is appearing on your debit card, credit card, prepayment card, travel and entertainment cards, airline cards, etc. BIN is a numbering convention developed to identify which particular institution issued a given credit/debit or other cards, and what type of institution it is. BIN is also referred…
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