Explanation – The National Payments Corporation of India (NPCI) is responsible for issuing Third-Party Application Provider (TPAP) licenses in India. NPCI is an umbrella organization for all retail payments systems in India, and it operates under the guidance of the Reserve Bank of India (RBI). TPAPs are entities that provide apps or platforms enabling customers and businesses to make and receive payments through India’s popular Unified Payments Interface (UPI). The TPAP license ensures that the third-party application providers meet the prescribed security standards and adhere to the guidelines set by the RBI and NPCI, maintaining the safety and integrity of the digital payment ecosystem in India.

Source: The Hindu