CURRENT AFFAIRS

Detailed explanation-1: -NPCI International Payments (NIPL), the international arm of National Payments Corporation of India (NPCI), has joined hands with Euronext-listed payments facilitator Worldline to bring convenience to millions of Indians travelling to the Europe every year.

Detailed explanation-2: -PhonePe Private Limited (“PhonePe”) is a TPAP authorized by NPCI to facilitate payments through sponsor PSP Bank(s) namely Yes Bank Ltd. and ICICI Bank Ltd. PhonePe is a service provider in the UPI payment ecosystem and We participate in UPI through the PSP Banks.

Detailed explanation-3: -The National Payments Corporation of India (NPCI) is an initiative taken by the Reserve Bank of India (RBI) and Indian Bank’s Association (IBA) to operate the retail payments and settlement systems in India. This organisation was founded in the year 2008 under the Payment and Settlement Systems Act, 2007.

Detailed explanation-4: -National Payments Corporation OF India is a Non-govt company, incorporated on 19 Dec, 2008.

Detailed explanation-5: -Our partnership with NPCI International seeks to mitigate the risk of excluding or limiting Indian customers from safely using electronic payments in the EU.” In 2021, NPCI’s UPI recorded 38.74 Billion transactions, worth USD 954.58 Billion, making it the best performing real-time payment eco-system in the world.