2016-2022 Digital Initiatives Powering India's FinTech Supremacy

1/ Year: 2016

Initiative: UPI & BHIM

2/ Year: 2016

Initiative: Aggregator NBFC

3/ Year: 2016

Initiative: GST

4/ Year: 2016

Initiative: Demonitization

5/ Year: 2016

Initiative: Bharat Bill Payment System 

6/ Year: 2016

Initiative: On-tap universal bank licenses 

7/ Year: 2016

Initiative: Peer to Peer Lending

8/ Year: 2017-2018

Initiative: Bharat QR 

9/ Year: 2017-2018

Initiative: BHIM Aadhaar / Aadhaar Pay 

10/ Year: 2019

Initiative: UPI AutoPay

11/ Year: 2020-Present

Initiative: e-RUPI 

*Bharat Interface for Money (BHIM) is a payment app that lets you make simple, easy and quick transactions using Unified Payments Interface (UPI). You can make direct bank payments to anyone on UPI using their UPI ID or scanning their QR with the BHIM app.

*An account aggregator is a non-banking financial company (NBFC), licensed by the RBI, which is involved in providing services like retrieving or collecting financial information pertaining to the financial assets of its customers. 

*GST - Goods & Services Tax

* Bharat Bill Pay System (BBPS) is a one-stop ecosystem for payment of all bills providing an interoperable and accessible “Anytime Anywhere” Bill payment service to all customers across India with certainty, reliability and safety of transactions.

*On-tap bank licensing facility enables a window for making applications for bank licenses at the RBI throughout the year.

*BHARAT QR enables seamless transactions across banks for all cardholders and UPI users. The growing usage of smartphones and internet has led to the payments industry in India undergoing and experiencing a sharp surge in QR Code-based payment solutions.

*Aadhaar Pay is a payment system which allows merchants to collect payments from a customer using his Aadhaar number and biometric authentication. 

*UPI AutoPay is a feature that allows customers to enable e-mandate using any UPI application without having to enter a PIN for every recurring payment such as EMI payments, insurance, mutual funds, ed-tech courses, utility bills, OTT subscriptions among others.

*e-RUPI is a digital voucher that a beneficiary gets on his mobile phone as an SMS or QR code. One can go ahead and redeem it at any centre accepting it.