RuPay
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|
| Section 25 Company | |
| Industry | Financial services |
| Founded | 26 March 2012 |
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Area served
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India |
| Products | Debit card, payment systems |
| Website | RuPay |
RuPay is an Indian domestic card scheme conceived and launched by the National Payments Corporation of India (NPCI). It was created to fulfil the Reserve Bank of India’s desire to have a domestic, open loop, and multilateral system of payments in India. In India, 90 per cent of credit card transactions and almost all debit card transactions are domestic; however, the cost of transactions was high due to monopoly of foreign gateways like Visa and Master cards. In the last 3-4 decades, the usage of credit and debit cards -- what we call the plastic money -- has increased manifold. It was thought that if this process of transactions is made India-centric, cost can come down drastically.[] RuPay facilitates electronic payment at all Indian banks and financial institutions, and competes with MasterCard and Visa in India. NPCI maintains ties with Discover Financial to enable the card scheme to gain international acceptance.
The IndiaPay scheme was conceived by the National Payments Corporation of India as an alternative to the MasterCard and Visa card schemes, 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.
RuPay is a portmanteau of the words rupee and payment. The colors used in the logo are an allusion to the tricolor national flag.
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.
On 8 May 2014, RuPay has been dedicated to India by President of India, Pranab Mukherjee at Rashtrapati Bhavan, New Delhi.
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Wikipedia