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How RuPay Can Challenge Visa & Mastercard?

It is a great sense of achievement as Indians as our own country now has its own payment gateway system like Visa and Mastercard and it goes by the name of Rupay. The system has been formally inaugurated by Pranab Mukherjee .

The RuPay platform has been developed by National Payments Corporation of India (NPCI) and is being used by certain banks like ICICI, State Bank of India, Punjab National Bank, among others, for clearing and settlement.

RuPay, which works on three channels – ATMs, Point of Sales (POS) and online sales, is the seventh such payment gateway in the world. It is worthwhile to mention here that a variant of pre-paid RuPay card would shortly be launched by IRCTC, which will help in booking railway tickets. So, with so many rail travellers the card is bound to take off.

It is worthwhile to mention here that RuPay will not only reduce dependence on cash, but will offer users diverse set of payment option within the country. RuPay would be available at a cost which is much less than those of international cards.

NPCI Chairman Balachandran M said the NPCI board plans to take RuPay card overseas and is already in talks with Discover Financial Services in the US and JDC in Japan for partnership.

The benefit of using Rupay card is that for clearing and settlement of each transactions, banks will have to pay 40 per cent lower fees in RuPay platform compared to other internatio.

It is a real proud moment for all of us. Hope Indian payment gateways move ahead and incorporate Rupay in their system for acceptance of online payments.

The public sector banks have already installed 25,331 RuPay cards enabled ATMs and 9,000 more ATMs would be installed in the current fiscal. Moreover RuPay card is accepted at all ATMs (1.6 lakh plus), 95 per cent of PoS terminals (9.45 lakh plus) and most of the eCom merchants (about 10,000) in the country.

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