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BillDesk is a private company founded in 2000 that provides online payment platform for banking and merchant website transactions. It has subsidiaries such as Loylty Rewardz and Jocata, and was valued at $2.5 billion in 2021.
Bharat Bill Payment System (BBPS) is an integrated bill payment system in India that offers interoperable and accessible bill payment service to customers through a network of agents. BBPS is operated by NPCI and allows multiple payment modes, instant confirmation, and cross border inward billing for NRIs.
BHIM (Bharat Interface for Money) is a state-owned app that allows users to transfer money between bank accounts using UPI. It supports 20 languages, has over 12.5 million users, and was launched in 2016 by Prime Minister Modi.
Learn about the legal framework, regulation and types of payment and settlement systems in India, covered by the Payment and Settlement Systems Act of 2007. Find out how RTGS, NEFT, UPI and other methods of electronic payments work and compare their fees and timings.
Citibank India was a subsidiary of Citigroup that operated in India since 1902. It was sold to Axis Bank in March 2023, after facing several scandals and fines in the past.
NPCI is a not-for-profit company that operates retail payments and settlement systems in India, under the provisions of the Payment and Settlement Systems Act, 2007. It offers various services such as Aadhaar Enabled Payment System, Bharat Bill Payment System, RuPay, UPI, BharatQR and more.
Tez was a service by Google that allowed users to make payments and transactions using audio QR codes on their smartphones. It was launched in 2017 and merged with Google Pay in 2018.
IMPS is an instant payment inter-bank electronic funds transfer system in India, managed by NPCI. It offers 24/7 service through mobile phones and is the basis of Unified Payments Interface.