India's Domestic Real-Time Payment Processing Card will have the Name "Rupay".The Name is being finalized by the National Payment Corporation of India, NPCI recently.
The Idea on the Domestic Card for India was Proposed and Started in the Year 2009, by RBI.RBI instructed Indian Banks Association to launch a not-for-profit company and design a domestic rival card, that meets the requirements of domestic Banks, and tentatively called "India Card"(is now finalized as Rupay)
Once launched, the "Rupay" would be an alternative to today's Popular Real-Time Payment Processing Agents like Master Card and Visa.
The Another attraction of "Rupay" will be the reduced and affordable Transaction Charges.Currently The credit card Transaction Charges is 2 Rs for Each 100 Rs Transaction, and "Rupay" is Planning somewhat 50% Lesser.
All associated Banks like SBI,PNB,ICICI and HDFC will provide its customers "Rupay ATM cards"
The first Challenge what "Rupay" will face will be the installation of "Point Of Sale Terminals" all over the Country.
The Architecture and Development of the Payment Processing Platform will be Done by leading Financial consultancy firm Ernst & Young(E&Y)
Lets hope that "Rupay" will put an End to the monopoly of Global leaders like Master Card and Visa in India.
The Idea on the Domestic Card for India was Proposed and Started in the Year 2009, by RBI.RBI instructed Indian Banks Association to launch a not-for-profit company and design a domestic rival card, that meets the requirements of domestic Banks, and tentatively called "India Card"(is now finalized as Rupay)
Once launched, the "Rupay" would be an alternative to today's Popular Real-Time Payment Processing Agents like Master Card and Visa.
The Another attraction of "Rupay" will be the reduced and affordable Transaction Charges.Currently The credit card Transaction Charges is 2 Rs for Each 100 Rs Transaction, and "Rupay" is Planning somewhat 50% Lesser.
All associated Banks like SBI,PNB,ICICI and HDFC will provide its customers "Rupay ATM cards"
The first Challenge what "Rupay" will face will be the installation of "Point Of Sale Terminals" all over the Country.
The Architecture and Development of the Payment Processing Platform will be Done by leading Financial consultancy firm Ernst & Young(E&Y)
Lets hope that "Rupay" will put an End to the monopoly of Global leaders like Master Card and Visa in India.
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