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The scheme was conceived and launched by NPCI. It aims to create domestic and open loop system of payments in the country. Its earlier name was ‘IndiaPay’ but it was later changed to avoid conflicts.

Unlike other big players in the market this scheme will be easy on the pockets of the common man. It will have minimal service charge, faster transaction speed, No quarterly/entry fee and will be internationally accepted.

Name this system in adherence to which SBI launched its Platinum Debit card.

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In Jan 2017, Finland became the first country in Europe to officially experiment with this socio-economic concept. Similar experiments are scheduled for many Dutch cities and the Canadian city of Ontario in 2017. In the case of Finland, the figure is 560 Euros a month. What concept?

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