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RuPay

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RuPay

RuPay
Native name रूपे
Founded 26 March 2012
Area served India
Website RuPay

RuPay is an Indian domestic card scheme conceived and launched by the National Payments Corporation of India (NPCI).[1] It was created to fulfill the Reserve Bank of India’s desire to have a domestic, open loop, and multilateral system of payments in India. RuPay facilitates electronic payment at all Indian banks and financial institutions, and competes with MasterCard and Visa in India.[2] NPCI maintains ties with Discover Financial to enable the card scheme to gain international acceptance.[3][4]

Background

The IndiaPay scheme was conceived by the National Payments Corporation of India as an alternative to the MasterCard and Visa card schemes,[2][5] and to consolidate and integrate various payment systems in India. It was renamed to RuPay to avoid naming conflicts with other financial institutions using the same name.[6] The RuPay card was launched on 26 March 2012. NPCI entered into a strategic partnership with Discover Financial Services (DFS) for RuPay Card, enabling the acceptance of RuPay Global Cards on Discover’s global payment network outside of India.[7][8][9]

On 8 May 2014, RuPay has been dedicated to India by President of India, Pranab Mukherjee at Rashtrapati Bhavan, New Delhi.[10][11][12][13][14]

Acceptance

RuPay cards are accepted at all automated teller machines (ATMs) across India under National Financial Switch, and under the NPCI's agreement with DFS, RuPay cards are accepted on the international Discover network. According to the data published by National Payments Corporation of India, there are around 145,270 ATMs and more than 875,000 point of sale (PoS) terminals in India under the RuPay platform. In addition to the ATMs and PoS terminals, RuPay cards are accepted online on 10,000 e-commerce websites.[15] with the same PIN which they use for ATM transactions.[16][17][18][19][20]

RuPay cards are accepted at all PoS terminals in India. To enable this, RuPay has certified 25 major banks in India to accept the RuPay card at their respective PoS terminals located at different merchant locations.[21]

Issuers

RuPay Debit Card issued by State Bank of India

Banks in India are authorized to issue RuPay debit cards to their customers for use at ATMs, PoS terminals, and e-commerce websites. About 240 banks, including all major public sector banks, currently issue RuPay cards to their customers,[22] RuPay cards are also issued at about 200 cooperative and rural banks to promote financial inclusion.[23]

RuPay EMV

NPCI has rolled out its chip card for high security transactions using EMV (Europay, MasterCard and Visa) chip technology, which is a global standard for debit and credit cards. RuPay chip cards have an embedded microprocessor circuit containing information about the card holder and because transactions are PIN-based rather than signature-based.

RuPay for Farmers

RuPay also provides a unified "Kisan Card", issued by banks across the country under Kisan Credit Card, enabling farmers to transact business on ATMs and PoS terminals.

PUNGRAIN (Punjab Grains Procurement Corporation Ltd), pays commission agents through the RuPay Debit Card, and developed a commission agents network called the Kisan Arhtia Information and Remittance Online Network (KAIRON) with the help of the National Payments Corporation of India.[24][25][26]

Kotak Mahindra Bank in partnership with RuPay rolled out an initiative for financial inclusion, where the dairy farmers across 75 cooperative societies of AMUL in regions of Burdwan and Hooghly of West Bengal will be able to get their payments directly into their account on the same day of sale of milk.[27]

The same model is planned to be adopted in the state of Gujarat where 1200 cooperative societies comprising over 300,000 dairy farmers will be the part of the programme.[27]

See also

References

  1. ^ "RuPay Card – All Information about RuPay and RuPay Card". Banking Awareness. 2012-08-29. Retrieved 2014-08-14. 
  2. ^ a b The author has posted comments on this article. "Finally, India card Rupay to replace Visa, MasterCard - The Times of India". Articles.timesofindia.indiatimes.com. Retrieved 2014-08-14. 
  3. ^ Desi' alternative to VISA, Mastercard from July"'". Deccanherald.com. 2013-05-02. Retrieved 2014-02-09. 
  4. ^ "NPCI's RuPay debit cards to rival Visa and Mastercard - The Economic Times". Economictimes.indiatimes.com. 2012-03-27. Retrieved 2014-02-09. 
  5. ^ "Visa & MasterCard gone. Rupay card, bring it on". Moneycontrol.com. Retrieved 2014-08-14. 
  6. ^ "IndiaPay’s name changed to RuPay". Financial Express. 2010-12-28. Retrieved 2014-08-14. 
  7. ^ "NPCI to launch RuPay global cards by July - Economic Times". Articles.economictimes.indiatimes.com. 2013-04-05. Retrieved 2014-02-09. 
  8. ^ "Clipping of Mumbai, 06 April, 2013 :readwhere". Epaper.financialexpress.com. Retrieved 2014-02-09. 
  9. ^ "NPCI to launch RuPay global cards by July, IBN Live News". Ibnlive.in.com. 2013-04-05. Retrieved 2014-02-09. 
  10. ^ IANS (2014-05-08). "Pranab launches RuPay, India’s own card payment network". The Hindu. Retrieved 2014-08-14. 
  11. ^ "Pranab Mukherjee dedicates India's own payment gateway 'RuPay' to nation | Latest News & Updates at Daily News & Analysis". Dnaindia.com. 2014-05-09. Retrieved 2014-08-14. 
  12. ^ By ENS Economic Bureau - NEW DELHI. "India Gets its Own Payment Gateway - RuPay". The New Indian Express. Retrieved 2014-08-14. 
  13. ^ "India’s own payment gateway ‘RuPay’ launched". Livemint. 2014-05-08. Retrieved 2014-08-14. 
  14. ^ Our Bureau. "Soon, you can use the RuPay platform to shop abroad, book railway tickets | Business Line". Thehindubusinessline.com. Retrieved 2014-08-14. 
  15. ^ Megha Mandavia (2013-03-29). "Come April, you can use RuPay even online | Latest News & Updates at". Dnaindia.com. Retrieved 2014-02-09. 
  16. ^ "National Payments Corporation of India". Npci.org.in. Retrieved 2014-02-09. 
  17. ^ "NPCI introduces RuPay to Indian eCommerce: CCAvenue processes first transaction". YourStory.com. Retrieved 2014-02-09. 
  18. ^ "‘Aadhaar, chip & pin need to coexist’ - The Times of India". Timesofindia.indiatimes.com. Retrieved 2014-02-09. 
  19. ^ "NPCI launches e-commerce solution in RuPay Card". Business Standard. 2013-06-21. Retrieved 2014-02-09. 
  20. ^ "RuPay cards can be used online - Times Of India". Articles.timesofindia.indiatimes.com. 2013-06-22. Retrieved 2014-02-09. 
  21. ^ "National Payments Corporation of India". Npci.org.in. Retrieved 2014-02-09. 
  22. ^ PTI Feb 2, 2014, 01.13PM IST. "RuPay Card base to touch 25 mn by Mar: NCPI - Economic Times". Articles.economictimes.indiatimes.com. Retrieved 2014-08-14. 
  23. ^ "National Payments Corporation of India". Npci.org.in. Retrieved 2014-02-09. 
  24. ^ "Punjab government to make online payment to commission agents - Economic Times". Articles.economictimes.indiatimes.com. 2013-03-31. Retrieved 2014-02-09. 
  25. ^ "Wheat procurement begins today, Arthias to get payments online". Indian Express. 2013-04-01. Retrieved 2014-02-09. 
  26. ^ "Punjab govt to make online payment to commission agents | Business Line". Thehindubusinessline.com. 2013-03-31. Retrieved 2014-02-09. 
  27. ^ a b "Kotak Bank rolls out financial inclusion plan for Amul workers | Business Line". Thehindubusinessline.com. 2013-12-17. Retrieved 2014-02-09. 

External links

  • NPCI
  • Launch of RuPay Debit Card - India’s Own Card
  • Rupay Card Articles & Information
  • RuPay Card Benefits
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