Chapters :

Digital Economy – 03

NPCI has bank following platform

Aadhaar Enabled Payment System:

In order to further speed track Financial Inclusion in the country, AePS was introduced. AePS is a bank led model which allows online interoperable financial inclusion transaction at PoS (MicroATM) through the Business correspondent of any bank using the Aadhaar authentication.AePS allows you to do six types of transactions.

Its main objective is to empower a bank customer to use Aadhaar as his/her identity to access his/ her respective Aadhaar enabled bank account and perform basic banking transactions like cash deposit, cash withdrawal, Intrabank or interbank fund transfer, balance enquiry and obtain a mini statement through a Business Correspondent.

BHIM Aadhaar Pay

BHIM Aadhaar Pay is meant for merchants to receive digital payments from customers over the counter through Aadhaar authentication. It allows for any merchant associated with any acquiring bank on BHIM Aadhaar Pay service, to allow the merchant to accept payment from a customer of any bank, by authenticating the customer’s biometrics – currently only fingerprints, directly from the customer’s Aadhaar enabled bank account and receive the sale proceeds instantaneously directly into merchant’s own bank account.

.Bharat Bill Payment System:

Bharat Bill payment system is an integrated Bill Payment System offering interoperable and accessible bill payment service to customer through a network of agents of registered member as agents’ institutions, enabling multiple payment modes and providing instant confirmation of payment.

Unified Payment Interface:

Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.

Bharat QR

A QR code consists of black squares arranged in a square grid on a white background, which can be read by an imaging device such as a camera. It contains information about the item to which it is attached.

Types of ATM’S:


Bank label

Bank itself runs the networks.

Brown label ATM

When banks outsourced the ATM operation to Third party.

White label ATM

  • ATM’s Set up, owned and operated by non- bank entities called white label ATM.
  • Cash in ATM is provided by the Sponsored bank
  • white ATM does not have any branding of Bank.

Crypto – Currency and block chain Technology

Crypto Currency

crypto currency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.  Crypto currencies use decentralized control as opposed to centralized digital currency and central banking systems.

The decentralized control of each crypto currency works through distributed ledger technology, typically a blockchain that serves as a public financial transaction database.

Bitcoin, first released as open-source software in 2009, is generally considered the first decentralized cryptocurrency.

Block Chain Technology

A blockchain is a decentralized, distributed, and oftentimes public, digital ledger that is used to record transactions across many computers so that any involved record cannot be altered retroactively, without the alteration of all subsequent blocks. This allows the participants to verify and audit transactions independently and relatively inexpensively.

A blockchain database is managed autonomously using a peer-to-peer network and a distributed timestamping server. They are authenticated by mass collaboration powered by collective self-interests.


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