Study of RUPAY Purchase Transaction
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Press Release: Launch of BHIM UPI in Bhutan
Embassy of India Thimphu Press Release: Launch of BHIM UPI in Bhutan BHIM UPI was jointly launched in Bhutan on 13 July 2021 by Hon. Finance Minister o India !ir"ala #itharaman and Hon. Finance Minister o Bhutan $yon%o !am&ay 'sherin&. 'he launch e(ent was also attended by Minister o #tate )r. Bhagwat *ishanrao *arad+ ,o(ernor o the -oyal Monetary .uthority o Bhutan )asho Penjore+ #ecretary+ )epart"ent o Financial #er(ices #hri )ebashish Panda, ."bassador o India to Bhutan -uchira *amboj, ."bassador o Bhutan to India ,eneral /etso% !am&yel+ M) and 012 o !PCI #hri )ili% .sbe and senior officials fro" the Go(ern"ent o India and the Royal Go(ern"ent o Bhutan. 'he cere"ony included a li(e transaction by Hon. Finance Minister o India !ir"ala #itharaman+ who "ade a cashless pay"ent throu&h her BHIM app by scannin& the 4- code o 2,2P+ an outlet in 'hi"phu that sells resh ar" produce "ade or&anically by Bhutanese rural co""unities. 5ith the launch+ Bhutan beco"es the 6rst country to ado%t UPI standards or its 4- deploy"ent and the 6rst country in the i""ediate nei&hbourhood to acce%t "obile based pay"ents throu&h the BHIM app. 'his initiati(e is e7%ected to boost Bhutan8s econo"y+ pro"ote inte&ration o the 6nancial syste"s and au&"ent cashless transactions between the nationals o India and Bhutan. 'he co""it"ent to launch BHIM UPI in Bhutan ste"s ro" the Joint #tate"ent issued durin& Pri"e Minister Modi8s #tate /isit to Bhutan in .u&ust 2019 when it was decided that alon& with the launch o -uPay+ a easibility study or use o India8s Bharat Inter ace or Money (BHIM; app in Bhutan will be undertaken. -
Card Processing Guide Merchant Operating Instructions
Card Processing Guide Merchant Operating Instructions © 2019 GPUK LLP. All Rights Reserved. CONTENTS SECTION PAGE Welcome 1 Global Payments 1 About This Document 1 An Introduction To Card Processing 3 The Anatomy Of A Card Payment 3 Transaction Types 4 Risk Awareness 4 Card Present (CP) Transactions 9 Cardholder Verified By PIN 9 Cardholder Verified By Signature 9 Cardholder Verified By PIN And Signature 9 Contactless Card Payments 10 Checking Cards 10 Examples Of Card Logos 13 Examples Of Cards And Card Features 14 Accepting Cards Using An Electronic Terminal 18 Authorisation 19 ‘Code 10’ Calls 24 Account Verification/Status Checks 25 Recovered Cards 25 Refunds 26 How To Submit Your Electronic Terminal Transactions 28 Using Fallback Paper Vouchers 29 Card Not Present (CNP) Transactions 32 Accepting Mail And Telephone Orders 32 Accepting Internet Orders 33 Authorisation Of CNP Transactions 35 Confirming CNP Orders 37 Delivering Goods 37 Collection Of Goods 38 Special Transaction Types 39 Bureau de Change 39 Dynamic Currency Conversion (DCC) 40 Foreign Currency Transactions 40 Gratuities 41 Hotel And Car Rental Transactions 41 Prepayments/Deposits/Instalments 43 Purchase With Cashback 43 Recurring Transactions 44 Card Processing Guide © 2019 GPUK LLP. All Rights Reserved. SECTION PAGE Global Iris 47 HomeCurrencyPay 49 An Introduction To HomeCurrencyPay 49 Card Present (CP) HomeCurrencyPay Transactions 50 Mail Order And Telephone Order (MOTO) HomeCurrencyPay Transactions 52 Ecommerce HomeCurrencyPay Transactions 55 Mastercard And Visa Regulations -
AUTOMATED TELLER MACHINE (Athl) NETWORK EVOLUTION in AMERICAN RETAIL BANKING: WHAT DRIVES IT?
AUTOMATED TELLER MACHINE (AThl) NETWORK EVOLUTION IN AMERICAN RETAIL BANKING: WHAT DRIVES IT? Robert J. Kauffiiian Leollard N.Stern School of Busivless New 'r'osk Universit,y Re\\. %sk, Net.\' York 10003 Mary Beth Tlieisen J,eorr;~rd n'. Stcr~iSchool of B~~sincss New \'orl; University New York, NY 10006 C'e~~terfor Rcseai.clt 011 Irlfor~i~ntion Systclns lnfoornlation Systen~sI)epar%ment 1,eojrarcl K.Stelm Sclrool of' Busir~ess New York ITuiversity Working Paper Series STERN IS-91-2 Center for Digital Economy Research Stem School of Business Working Paper IS-91-02 Center for Digital Economy Research Stem School of Business IVorking Paper IS-91-02 AUTOMATED TELLER MACHINE (ATM) NETWORK EVOLUTION IN AMERICAN RETAIL BANKING: WHAT DRIVES IT? ABSTRACT The organization of automated teller machine (ATM) and electronic banking services in the United States has undergone significant structural changes in the past two or three years that raise questions about the long term prospects for the retail banking industry, the nature of network competition, ATM service pricing, and what role ATMs will play in the development of an interstate banking system. In this paper we investigate ways that banks use ATM services and membership in ATM networks as strategic marketing tools. We also examine how the changes in the size, number, and ownership of ATM networks (from banks or groups of banks to independent operators) have impacted the structure of ATM deployment in the retail banking industry. Finally, we consider how movement toward market saturation is changing how the public values electronic banking services, and what this means for bankers. -
EMF Implementing EMV at The
Implementing EMV®at the ATM: Requirements and Recommendations for the U.S. ATM Community Version 2.0 Date: June 2015 Implementing EMV at the ATM: Requirements and Recommendations for the U.S. ATM Community About the EMV Migration Forum The EMV Migration Forum is a cross-industry body focused on supporting the EMV implementation steps required for global and regional payment networks, issuers, processors, merchants, and consumers to help ensure a successful introduction of more secure EMV chip technology in the United States. The focus of the Forum is to address topics that require some level of industry cooperation and/or coordination to migrate successfully to EMV technology in the United States. For more information on the EMV Migration Forum, please visit http://www.emv- connection.com/emv-migration-forum/. EMV is a trademark owned by EMVCo LLC. Copyright ©2015 EMV Migration Forum and Smart Card Alliance. All rights reserved. The EMV Migration Forum has used best efforts to ensure, but cannot guarantee, that the information described in this document is accurate as of the publication date. The EMV Migration Forum disclaims all warranties as to the accuracy, completeness or adequacy of information in this document. Comments or recommendations for edits or additions to this document should be submitted to: ATM- [email protected]. __________________________________________________________________________________ Page 2 Implementing EMV at the ATM: Requirements and Recommendations for the U.S. ATM Community TABLE OF CONTENTS -
Payment Systems in India: Opportunities and Challenges
Journal of Internet Banking and Commerce An open access Internet journal (http://www.icommercecentral.com) Journal of Internet Banking and Commerce, April 2016, vol. 21, no. 2 Payment Systems in India: Opportunities and Challenges DEEPANKAR ROY Assistant Professor, National Institute of Bank Management (NIBM), Kondhwe khurd, Pune, 411048, Maharashtra, India, Tel: 919890448546; Email: [email protected], [email protected] AMARENDRA SAHOO Professor, Flame University, 1102 5a, Kalpataru Estate, Pimple Gurav, Pune, Maharashtra, India, Tel: 919503394455; Email: [email protected] Abstract An efficient payment system acts as an enabler for speeding up liquidity flow in the economy, apart from ensuring proper utilization of limited resources it also eliminates systemic risks. Flow of funds across borders demands the security, integrity of the payment system and the harmonization of the systems in the related countries. The paper dwells with the need to modernize the payment system and migrate from paper-based to electronic mode of payment system to enhance efficiency and save cost. It delves in to the core of payment systems in the select countries with a comparative analysis. Benchmarking against the BIS core principles of Systemically Important Payment Systems revised as core principles of Financial Markets Infrastructure has been done to ensure convergence with the international best standards for Governance of Payment systems. The payment system of any country, though advanced and sophisticated, does face various risks, viz. bank failures, frauds, counter-party failures, etc. Such aberrations could JIBC April 2016, Vol. 21, No.2 - 2 - trigger a chain-reaction that might ultimately result in disruption and distrust of the payment system. -
Reform of Credit Card Schemes in Australia
CHAPTER 5: PROMOTING EFFICIENCY AND COMPETITION 5.1 Introduction The main regulations in the Bankcard, MasterCard and Visa credit card schemes in Australia – dealing with the collective setting of interchange fees, restrictions on merchant pricing and restrictions on entry – have been assessed in previous Chapters on public interest grounds. Each of these regulations represents significant departures from the normal workings of the market. This final Chapter draws the previous analyses together by reviewing the regulations and their consequences against the benchmarks that underpin the public interest test, and summarising the public interest concerns. These concerns provide the background for the use of the Reserve Bank’s payments system powers to promote reform of the designated credit card schemes, in the interests of promoting efficiency and competition in the Australian payments system. The Chapter outlines the reform measures and their likely impact. It then analyses the main objections to reform that have been raised and concludes that they are not a persuasive defence of the status quo. The last section outlines the next steps in the Reserve Bank’s consultation process before its proposed standards and access regime are finalised. 5.2 Scheme regulations and competition benchmarks To meet the broad objectives of public policy, the payments system in Australia would be expected to be responsive to competitive pressures, including freedom of entry into the markets for different payment instruments, provided the safety of the system is not compromised. There is likely to be a role for private-sector regulations to ensure the safety, technical consistency and orderly operation of any payment system, but such regulations should not be so binding or widespread as to compromise the market process. -
Debit Card Interchange
Payments the way we see it Debit Card Interchange The impact of debit interchange regulation and what financial services institutions can do to support a positive outcome Contents 1 Highlights 3 2 Overview of the U.S. Debit Card Interchange Regulation 4 2.1 Durbin Amendment of the Dodd-Frank Act 4 2.2 Interchange Fee in a Debit Card Transaction 5 2.3 Debit Card Usage in the United States 6 2.4 Drivers for U.S. Debit Interchange Regulation 7 2.5 Viewpoints and Estimated Impact for Key Stakeholders 8 3 Debit and Credit Interchange Interventions around the World 9 3.1 Australia 9 3.2 Canada 9 3.3 European Union 10 3.4 New Zealand 10 4 Implications for Stakeholders 11 4.1 Implications for Issuers 12 4.2 Implications for Merchants 12 4.3 Implications for Customers 12 4.4 Implications for Networks 13 4.5 Implications for the Economy 13 5 Recommendations for Financial Services Institutions 14 5.1 Political 14 5.2 Economic 14 5.3 Social 16 5.4 Technological 16 6 Conclusion 18 References 19 2 the way we see it 1 Highlights In 2010, the U.S. Congress passed the Dodd-Frank Wall Street and Consumer Protection Act, a sweeping change to financial regulation in the United States. The Durbin amendment, part of the Dodd-Frank Act, allows the Federal Reserve board to implement a comprehensive system of debit card interchange. The amendment establishes standards for an interchange fee1, and prohibits issuers and networks from restricting the number of networks over which an electronic debit transaction may be processed. -
TENDER DOCUMENT for Switching Services & RUPAY Card Functioning in up Cooperative Bank Ltd
TENDER DOCUMENT' for Switching services and RUPAY card functioning TENDER DOCUMENT FOR Switching Services & RUPAY Card functioning in UP Cooperative Bank Ltd. Tender Document No: COOP BANK/ THE INFORMATION PROVIDED BY THE BIDDERS IN RESPONSE TO THIS TENDER DOCUMENT WILL BECOME THE PROPERTY OF UTTAR PRADESH COOPERATIVE BANK LTD. () AND WILL NOT BE RETURNED. RESERVES THE RIGHT TO AMEND, RESCIND OR REISSUE THIS TENDER DOCUMENT AND ALL AMENDMENTS WILL BE ADVISED TO THE BIDDERS AND SUCH AMENDMENTS WILL BE BINDING ON THEM. (THIS DOCUMENT SHOULD NOT BE REUSED OR COPIED OR USED EITHER PARTIALLY OR FULLY IN ANY FORM) Page 1 of 33 TENDER DOCUMENT' for Switching services and RUPAY card functioning ‘TENDER DOCUMENT’ for selection of ATM / EFT switch vendor Critical Information Summary 1) The TENDER DOCUMENT is posted on website www.upcbl.in. UPCB reserves the right to change the vendor requirements. However, any such changes will be posted on web site. 2) Bidders are advised to study the tender document carefully. Submission of bids shall be deemed to have been done after careful study and examination of the tender document with full understanding of its implications. 3) Any clarifications from bidder or any change in requirement will be posted on UPCB website. Hence before submitting bids, bidder must ensure that such clarifications / changes have been considered by them. UPCB will not have any responsibility in case some omission is done by any bidder. 4) In case of any clarification required by UPCB to assist in the examination, evaluation and comparison of bids, UPCB may, at its discretion, ask the bidder for clarification. -
Mastercard International
CODE OF PRACTICE FOR PAYMENT CARD SCHEME OPERATORS Background The Code of Practice for Payment Card Scheme Operators (“the Code”) has been drawn up and observed by eight payment card scheme operators1 (“scheme operators”) in Hong Kong since 2007. The introduction of the Payment Systems and Stored Value Facilities Ordinance (“the Ordinance”) on 13 November 2015 has necessitated certain modifications of the Code, which are now incorporated in this version. The scheme operators remain committed to observe this updated version of the Code in providing services to the general public. Purpose This Code specifies general principles for the scheme operators to observe in order to promote the general safety and efficiency of payment cards in Hong Kong and to foster public confidence in them. Classification This is a non-statutory Code drawn up by the scheme operators in Hong Kong. New scheme operators entering the Hong Kong market should also adhere to the general principles in this Code. Application To the scheme operators in Hong Kong. This Code applies only to their operations in Hong Kong and is not intended to have extra-territorial effect. 1 “Payment card scheme operators” means, for the purposes of this Code, multi-purpose payment card schemes which provide credit and /or debit function through a payment network for making payment of goods or services. It excludes multi-purpose stored-value cards, which are dealt with separately by the regulatory regime for stored value facilities under the Ordinance. Structure INTRODUCTION 1. Status of the Code 2. Objectives 3. Enquiries SAFETY 4. Legal Basis of the System 5. -
Chapter 1 Introduction
CHAPTER 1 INTRODUCTION Globally, banking system is working continuously from many years. Paper money or cash has been leading payment mechanism worldwide for the centuries. The measure works of a bank to deposits an amount of a customer and returns it to him when he needs. During deposits and withdrawal of the amount bank may use this money for itself as to given loans to other customers who wants to avail it. There are so many types of loan like home loan, agricultural loan, personnel loan, loan for industries and business houses etc. Banks give a particular interest for the depositors on his money and take a certain interest from loan account holder. There are very fast changes occur in the traditional banking operation system. Before a decade ago a bank was involved only with customers when they were at premises of bank. But during this new time a bank provides many more services to the customer’s at their doorsteps. The entire system of banking has changed drastically. In banking system there are two most frequent and important services- one is to deposit cash in the account and second to withdraw cash from the account. Both the service provided to a customer during a time in which banks are open and officials present at that time. Here in this work our main concern is about the withdrawal service provided by the bank. Banks normally provide this cash through teller counters. Only in the past century paper money or cash faced competition from mainly cheques, debit and credit cards. Previously this whole process was thoroughly manual and nowadays it is automatic. -
Switch Interface Gateway Oracle FLEXCUBE Universal Banking Release 11.80.02.0.0 CN Cluster Oracle Part Number E64368-01 [January] [2016]
Switch Interface Gateway Oracle FLEXCUBE Universal Banking Release 11.80.02.0.0 CN Cluster Oracle Part Number E64368-01 [January] [2016] Switch Interface Gateway Table of Contents 1. ABOUT THIS MANUAL ................................................................................................................................ 1-1 1.1 INTRODUCTION ........................................................................................................................................... 1-1 1.2 AUDIENCE .................................................................................................................................................. 1-1 1.3 ABBREVIATIONS ......................................................................................................................................... 1-1 1.4 ORGANIZATION .......................................................................................................................................... 1-2 1.4.2 Related Documents ............................................................................................................................ 1-2 1.5 GLOSSARY OF ICONS .................................................................................................................................. 1-3 2. SWITCH INTERFACE GATEWAY ............................................................................................................ 2-1 2.1 INTRODUCTION .......................................................................................................................................... -
Rupay: the Emergence of an Indian Card Giant (A Marketing Perspective)
International Journal of Scientific and Research Publications, Volume 9, Issue 2, February 2019 525 ISSN 2250-3153 RuPay: The Emergence of an Indian Card Giant (A Marketing Perspective) Siddharth, Vijayraj, Subham Dash, Varun Chadha, Varun D. Nankani Christ (Deemed to be University) - Bannerghatta Campus Bangalore, India 2019 DOI: 10.29322/IJSRP.9.02.2019.p8667 http://dx.doi.org/10.29322/IJSRP.9.02.2019.p8667 Abstract- There have been turbulent changes in the banking sector gain an international scheme. As of July 2018, these cards were of the world which lead to capitalisation of various untapped issued to savings and current bank account holders across 1100 opportunities. One such opportunity was interbank transfers using banks including cooperative banks and Regional Rural banks. It ATM cards. VISA and MasterCard were the ones that decided to has 65% of the Indian market share and is accepted at all the capitalise on this opportunity and became the biggest payment ATMs, e-commerce portals and Pos terminals. networks of the world. RuPay is India’s very own card scheme to promote debit and It has various advantages leading to its mass acceptability. credit card transactions, which was launched in 2012, by National • The occurrence and settlement of transactions happen Payment Corporation of India (NPCI). The cost of the transaction domestically, the cost is lower and thus is affordable. in India was high in spite of the fact that in India 90% of the credit • As it is domestic in nature, it is aiming at customized transactions and almost all debit transactions are domestic.