RuPay is a domestic plastic card scheme launched by the National Payments Corporation of India (NPCI) for using within India. This scheme was launched with the aim to fulfill the Reserve Bank of India’s desire to have India’s own domestic and multilateral payments payment system just like VISA or Mastercard. RuPay facilitates electronic payment at all Indian banks, ATMs and financial institutions which makes it one of the most popular domestic payment system now.
NPCI (National Payments Corporation of India) is a body promoted by RBI and currently has ten core promoter banks which are State Bank of India, Punjab National Bank, Canara Bank, ICICI Bank, HDFC Bank Bank of Baroda, Union bank of India, Bank of India, Citibank and HSBC. It has launched RuPay card payment network in 2012 with the aim of creating India’s own domestic payment network and enable all Indian banks and financial institutions in India to participate in electronic payments.
Currently more than 145,000 ATMs and more than 875,000 point of sale (PoS) terminals are accepting RuPay cards, as per data published by the National Payments Corporation of India. The next aim of National Payments Corporation of India to offer RuPay Credit Cards from July 2016.
Advantages of RuPay Cards: