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payment systems in india
Ref: https://events.ccc.de/camp/2019/wiki/Session:Payment_Systems_in_India_(Rescheduled)
rbi
reserve bank of india
banks
Public
- State Bank of India ($590B)
- Punjab National Bank ($120B)
Private
- HDFC ($220B)
- ICICI ($140B)
Total More than 1500 banks.
Public=Govt is majority owner
npci
natonal payments corporation of india
- umbrella organization
- owned by banks
- authorized by rbi
- operates retail payments in india
- not-for-profit
(not a government entity)
all the ways you can pay
digitally
numbers
- adult population (800M)
- bank accounts (1.6B)
- debit card (660M)
- credit card (30M)
(might be a few years old)
card payments
- 3D Secure (2FA mandate)
- RuPay Card network (run by NPCI)
- 4M PoS devices
(PoS = Point of Sale)
NEFT/RTGS/IMPS
Bank-Bank transfer
- RTGS: National Electronic Fund Transfer (run by RBI)
- RTGS: Real Time Gross Settlement (run by RBI)
- NEFT runs at 30 minute batches 24x7x365
- IMPS is instant
historically:
- NEFT would run once every business hour
- RTGS would be real-time but only support high-value transactions to keep loads bearable
wallets
pre-payment-instrument
- Gift Cards
- Meal vouchers
(Things that are currency, but not really currency)
wallets = ppi
bank account -> wallet
your wallet = ledger
- transactions
- p2p transfers
sachet economy
- wallet bloom
- no 2FA!
NOV 09 2016
UPI
Unified Payments Interface
- mobile-first
- shared-banking-platform
- works-across-banks
- run by npci
- 25+ apps on both Android/iOS
- authenticate with your phone number
- pick a bank account
- transact with your PIN for your bank account
current players:
- PhonePe (owned by Flipkart->Walmart) (20-30%)
- WhatsApp (FB) (in beta)
- GPay (30-60%)
- Paytm (5%)
interested in more?
- Tuesday 1st Sep
- 1730 UTC / 1300 EST / 2230 IST
- (spoilers)