All Information about RuPay and RuPay Cards (RuPay ATM, RuPay MicroATM, Debit, Prepaid and Credit Cards)
Short Notes of RuPay:
RuPay is the Indian domestic card payment network set up by National Payments Corporation of India (NPCI) at the behest of banks in India. The RuPay project had been conceived by Indian Banks Association (IBA) and had the approval of Reserve Bank of India (RBI).
National Payments Corporation of India (NPCI) has a plan to provide a full range of card payment services including the RuPay ATM, RuPay MicroATM, Debit, Prepaid and Credit Cards which will be accepted in India and abroad, across various channels like POS, Internet, IVR and mobile etc.
The initial focus of NPCI would be to approach those banks who have not been issuing any payment card at all more specifically – Regional Rural Banks (RRBs) and urban co-operative banks.
All Public Sector Undertakings (PSU) banks set to join RuPay system by the end of year 2012. RuPay-based debit cards can be used by the consumers on the Internet from September, 2012.
The government of India had launched India’s first domestic payment card network, RuPay, to compete with Visa Inc and Mastercard Inc.
Objectives of RuPay:
The Main Objective of the RuPay payment network project is to reduce the overall transaction cost and develop products appropriate for financial inclusion.
- Reduce overall transaction cost for the banks in India by introducing competition to international card schemes.
- Develop products appropriate for the country particularly for financial inclusion.
- Provide card payment service option to many banks who are currently not eligible for card issuance under the eligibility criteria of international card schemes.
- Build environment whereby payment information of the country remains within the country
- Shift Personal Consumption Expenditure (PCE) from cash to electronic payments in a growing economy with a population of 1.2 billion
Important Points to Remember:
- RuPay is the Indian domestic card payment network.
- The RuPay payment network set up by National Payments Corporation of India (NPCI) at the behest of banks in India.
- The RuPay project had been conceived by Indian Banks Association and had the approval of Reserve Bank of India.
- The main objective of RuPay project is to reduce overall transaction cost for the banks in India by introducing competition to international card schemes.
- NPCI has plan to provide full range of credit service like RuPay ATM, RuPay MicroATM, Debit, Prepaid and Credit Cards which will be accepted across various channel POS, Internet, IVR, Mobile etc.
- All state-owned banks are expected to join the RuPay system by the end of this year.
- RuPay-based debit cards can be used by the consumers on the Internet from September, 2012.
