National Payments Corporation of India(NPCIL)-a Reserve Bank
of India initiative-is set to replay the ATM revolution in the cards business
with the launch of RuPay debit cards, which undercut Visa and Mastercard on
processing fees on transactions.
Four large public sector banks State Bank of
India, Bank of Baroda, Bank of India and Union Bank of India launched the first
set of RuPay cards in India.
WHAT IS RuPay?
RuPay is the Indian domestic card payment network being set
up by National Payments Corporation of India (NPCIL) at the behest of banks in
India. This project had been conceived by Indian Banks Association and had the
approval of Reserve Bank of India.
1.Reduce overall transaction cost for the banks in India.
2. Develop products appropriate for the country particularly
for financial inclusion.
NPCIL will soon
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,mobile etc.
