2020
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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UPI
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PAYTM
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NPCI
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VISA
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Detailed explanation-1: -National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India.
Detailed explanation-2: -On 21 June 2013, NPCI launched RuPay PaySecure that enabled card holders make online payment. Till November 2020, over 1, 158 banks issued 603.6 million RuPay cards. PayPal supports the RuPay card system. Amazon accepts all RuPay debit cards, and some RuPay credit cards issued by select banks.
Detailed explanation-3: -RuPay is a product of NPCI, the umbrella organisation that powers retail payments in the country. The provision under the Payment and Settlement Systems Act, 2007, empowered the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) to create a secure electronic payment and settlement system in India.
Detailed explanation-4: -National Payments Corporation of India (NPCI) and Central Financial institution Of Oman signed a historic MoU to launch the Rupay debit card in Oman.
Detailed explanation-5: -RuPay, the card network by the National Payments Corporation of India (NPCI), managed to capture a 60 percent share of India’s card market in 2020, as per data released by the Reserve Bank of India (RBI).