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Consider the following statements regarding Third-Party Application Providers:
1. They provide the Unified Payments Interface (UPI) compliant apps for financial transactions.
2. They are regulated by the National Payment Council of India.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements regarding Third-Party Application Pr...
The Reserve Bank of India has asked the National Payment Council of India to examine the request of One97 Communications, which owns Paytm, to become a Third-Party Application Provider for continued Unified Payments Interface operation of the Paytm application.
- It is an entity that provides the UPI compliant app(s) to the end-user customers to facilitate UPI-based payment transactions.
- These applications could be mobile wallets, merchant apps, or any other platform that utilises UPI for payments.
- NPCI, the umbrella organisation for operating retail payments and settlement systems in India, owns and operates the UPI platform.
- Working of TPAPs
- TPAPs leverage the UPI infrastructure provided by NPCI and work with payment service providers (PSPs) and banks to facilitate transactions.
- They are responsible for ensuring that their applications adhere to security standards and compliance guidelines set by NPCI.
- As per the current regulations, payment service providers (PSPs) need to obtain a TPAP license from NPCI to run UPI services and facilitate merchant transactions through partner banks.
- Currently, there are 22 NPCI-approved 3rd party Unified Payments Interface (UPI) apps that can be used to send and receive money from other UPI users by using UPI IDs.
- They include Amazon Pay, Google Pay, Groww, Jupiter Money, Mobikwik, Phonepe, Samsung Pay, TataNeu and Whatsapp.
Hence both statements are correct.
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Community Answer
Consider the following statements regarding Third-Party Application Pr...
Explanation:
Statement 1:
- Third-Party Application Providers do indeed provide UPI compliant apps for financial transactions. These apps allow users to make seamless and secure digital payments using the UPI platform.
Statement 2:
- The National Payment Council of India does not regulate Third-Party Application Providers. Instead, these providers are regulated by the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI).
Therefore, both statements 1 and 2 are not correct. Third-Party Application Providers offer UPI compliant apps for financial transactions, but they are not regulated by the National Payment Council of India.
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Consider the following statements regarding Third-Party Application Providers:1. They provide the Unified Payments Interface (UPI) compliant apps for financial transactions.2. They are regulated by the National Payment Council of India.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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