10:02 PM
India's own payment gateway 'RuPay' dedicated to nation
INDIA on Thursday launched its own payment gateway 'RuPay'. an equivalent of Visa and Mastercard, which will work on ATMs and merchant outlets and help in reducing cash transactions. President Pranab Mukherjee unveiled the indigenous card at a function in Raslurapaii Bhavan. Dedicating it to the nation. Mukherjee said India was one of the few countries in the world to have its own card payment gateway.
The RuPay platform - developed by National Payments Corporation of India (NPCI) is being used by certain banks like ICICI. Slate 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. A variant of prepaid RuPay card will shortly be launched IRCTC. which will help in booking railway tickets. RuPay would not only reduce dependence on cash, but would offer users diverse set of payment options within the country. Mukherjee said. NPCI Chairman. Balachandran M said the N PCI board planned to take RuPay card overseas and was already in talks with Discover Financial Services in the
The RuPay platform - developed by National Payments Corporation of India (NPCI) is being used by certain banks like ICICI. Slate 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. A variant of prepaid RuPay card will shortly be launched IRCTC. which will help in booking railway tickets. RuPay would not only reduce dependence on cash, but would offer users diverse set of payment options within the country. Mukherjee said. NPCI Chairman. Balachandran M said the N PCI board planned to take RuPay card overseas and was already in talks with Discover Financial Services in the
US and JDC in Japan for partner ship. Speaking on the occasion. Financial Services Secretary. G S Sandhu said RuPay would be available at a com which is much less than those of international cards.
For clearing and settlement of each transactions, hanks will have to pay 40 per cent lower fees in Rul'ay platform compared to other international platforms. The public sector hanks have a I reads installed 25.331 RuPay cards-enabled ATMS and 9.000 more ATMs would be installed in ihe current fiscal. Sandhu said. The 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.
For clearing and settlement of each transactions, hanks will have to pay 40 per cent lower fees in Rul'ay platform compared to other international platforms. The public sector hanks have a I reads installed 25.331 RuPay cards-enabled ATMS and 9.000 more ATMs would be installed in ihe current fiscal. Sandhu said. The 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.
Posted in: News 2014
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