RBI asks NPCI to consider Paytm’s request for TPAP: What it means, how it could benefit users?
RBI asks NPCI to consider Paytm’s request for TPAP: What it means, how it could benefit users?
Current Affairs Daily Articles & Editorials
La Excellence IAS Academy | February 26, 2024 | Economy
Syllabus: GS- III
Subject: Economy
Topic: Banking and Financial Intermediaries
Issue: Third-Party Application Provider(TPAP)
Context: The RBI has asked the NPCI to examine the request of Paytm to become a Third-Party Application Provider (TPAP).
Third-Party Application Provider(TPAP):
- It is an entity that provides the UPI compliant apps to the end-user customers to facilitate UPI-based payment transactions.
- Any entity which is using the UPI infrastructure for payments requires approval from NPCI.
National Payment Corporation of India (NPCI)
● It is a non- bank entity and holds a license under the Payment and Settlement Systems Act 2007 to operate the payment/settlements. ● NPCI has developed Unified Payment Interface (UPI) and it owns and operates it. |
Source: Indian Express
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