1. DISAPPEARING BANKNOTES IN INDIA: UNDERSTANDING
THE TERMS SURROUNDING DIGITAL PAYMENTS

2. DON’T KNOW WHAT ARE UPI, NPCI, IMPS,
NEFT, OR RTGS?
Don’t worry, we can help!The people of India are still adapting to
the sudden demonetization of the 500 and 1000 rupee
banknotes. Emerging from what experts have described as a
“debacle” and utter “fiasco” in monetary policy, many Indians are
frustrated by media reports that offer confusing information
about India’s financial system.

3. FINANCE & DIGITAL PAYMENTS TERMS
To help bring some clarity to the situation, we wanted to go over some of the unclear
terms in finance and digital payments that are common in media reports about
demonetization.
 U P I
 I M P S
 N E F T
 N P C I
 R T G S

4. WHAT IS UPI?

5. UPI
Unified Payments Interface (UPI) is a digital payment system network.
Using an app on a smartphone, the UPI enables citizens to transfer
money between bank accounts of 19 major Indian banks. In addition to
simplifying and increasing access to many basic banking services, the
UPI app lets a customer to transfer funds to the bank account of a
merchant to make payments without the need to share private
financial information.

6. REPLACE CASH WITH DIGITAL PAYMENTS
The National Payments Corporation of India along withThe
Reserve Bank of India developed the app to encourage Indians to
replace cash transactions with digital payments.
For more information, see this article about UPI and the related app inThe
Hindu:What is Unified Payment Interface?

7. WHAT IS IMPS?

8. IMPS
Immediate Payment Service (IMPS) is a digital payment system network. IMPS
enables the instant, digital transfer of funds between major banks.
Like the UPI, the IMPS platform makes it easy to digitally transfer funds between
banks using mobile phones. Using this service, citizens can transfer funds whenever
they please, even during off-hours and bank holidays.
The IMPS platform is managed by the National Payments Corporation of India and
operates using the National Financial Switch network.

9. WHAT IS NEFT?

10. NEFT
National Electronic FundsTransfer (NEFT) is the most extensive
banking network in India to transfer funds digitally.This network
provides a simple and cost-effective means to transfer funds
throughout India and is popular for settling retail remittances.
This banking service is available during business hours and closes
for bank holidays.

11. WHAT IS NPCI?

12. NPCI
National Payments Corporation of India (NPCI) is a non-
profit organization that oversees all retail payment systems
in India. The organization aims to offer all Indian citizens
unrestricted access to digital payment services. Endorsed by
the Reserve Bank of India, the NPCI is a leader in advancing
India’s “cashless society” initiative.

13. WHAT IS RTGS?

14. RTGS
Real-time gross settlement (RTGS) is a money transfer system
within a country that enables the transfer of a high volume of funds
between banks. Finance companies use this system to transfer
money or securities instantly, where the funds are sent individually
rather than bundles or batches that are mixed with other securities.
The RTGS provides essential financial infrastructure for a country’s
Central Bank and monetary system.

15. ABOUT PAYZA
Payza is a leading online payments technology platform used by licensed entities around the
world. Payza's highly secure platform provides businesses and consumers with convenient and
flexible solutions for sending and receiving payments worldwide.The company offers access to
payment services in both traditional and emerging markets, as well as a host of tools and services
including: fraud screening, dispute resolution, currency exchange, global payouts and
disbursement services.With millions of members, Payza offers its services around the world in 21
currencies, and is proud to provide its merchants around the globe with a complete solution for
accepting payments and managing their businesses.
More information is available about Payza on its website, http://www.payza.com, Facebook,
Twitter and the company's blog.