| Revision as of 07:26, 17 March 2016 edit125.99.132.8 (talk)No edit summary← Previous edit | Revision as of 18:03, 21 March 2016 edit undoPsomu800 (talk | contribs)191 editsNo edit summaryNext edit → | ||
| Line 27: | Line 27: | ||
| ] | ] | ||
| Banks in India are authorized to issue RuPay debit cards to their customers for use at ATMs, PoS terminals, and e-commerce websites. About 240 banks, including all major public sector banks, currently issue RuPay cards to their customers,<ref name="issuelist" and about 25 million cards have been issued as of March 2014.<ref>{{cite web|author=|url=http://articles.economictimes.indiatimes.com/2014-02-02/news/46923649_1_rupay-card-npci-managing-director-ncpi |title=RuPay Card base to touch 25 mn by Mar: NCPI - Economic Times |publisher=Articles.economictimes.indiatimes.com |date= 2014-02-02|accessdate=2014-08-14}}</ref> RuPay cards are also issued at about 200 cooperative and rural banks to promote ].<ref name="issuelist">{{cite web|url=http://www.npci.org.in/RuPayIssuance.aspx |title=National Payments Corporation of India |publisher=Npci.org.in |date= |accessdate=2014-02-09}}</ref> | Banks in India are authorized to issue RuPay debit cards to their customers for use at ATMs, PoS terminals, and e-commerce websites. About 240 banks, including all major public sector banks, currently issue RuPay cards to their customers,<ref name="issuelist" and about 25 million cards have been issued as of March 2014.<ref>{{cite web|author=|url=http://articles.economictimes.indiatimes.com/2014-02-02/news/46923649_1_rupay-card-npci-managing-director-ncpi |title=RuPay Card base to touch 25 mn by Mar: NCPI - Economic Times |publisher=Articles.economictimes.indiatimes.com |date= 2014-02-02|accessdate=2014-08-14}}</ref> RuPay cards are also issued at about 200 cooperative and rural banks to promote ].<ref name="issuelist">{{cite web|url=http://www.npci.org.in/RuPayIssuance.aspx |title=National Payments Corporation of India |publisher=Npci.org.in |date= |accessdate=2014-02-09}}</ref> | ||
| == Benefits of RuPay Card == | |||
| '''Lower cost and affordability''' : | |||
| Since the transaction processing will happen domestically, it would lead to lower cost of clearing and settlement for each transaction. This will make the transaction cost affordable and will drive usage of cards in the industry. | |||
| '''Customized product offering''' : | |||
| RuPay, being a domestic scheme is committed towards development of customized product and service offerings for Indian consumers. | |||
| '''Protection of information related to Indian consumers''' : | |||
| Transaction and customer data related to RuPay card transactions will reside in India. | |||
| '''Provide electronic product options to untapped/unexplored consumer segment''' : | |||
| There are under-penetrated/untapped consumers segments in rural areas that do not have access to banking and financial services. Right pricing of RuPay products would make the RuPay cards more economically feasible for banks to offer to their customers. In addition, relevant product variants would ensure that banks can target the hitherto untapped consumer segments. | |||
| '''Inter-operability between payment channels and products''' : | |||
| RuPay card is uniquely positioned to offer complete inter-operability between various payments channels and products. NPCI currently offers varied solutions across platforms including ATMs, mobile technology, cheques etc and is extremely well placed in nurturing RuPay cards across these platforms. | |||
| == Jan Dhan Yojana == | == Jan Dhan Yojana == | ||
| RuPay cards got a major boost through the Pradhan Mantri Jan Dhan Yojana as RuPay cards were issued to all Jan Dhan accounts. Inspite of the critics saying most accounts are dormant, RuPay cards are now widely used by Jan Dhan Card holders. | RuPay cards got a major boost through the Pradhan Mantri Jan Dhan Yojana as RuPay cards were issued to all Jan Dhan accounts. Inspite of the critics saying most accounts are dormant, RuPay cards are now widely used by Jan Dhan Card holders. | ||
Revision as of 18:03, 21 March 2016
 | |
| Founded | 26 March 2012 |
|---|---|
| Area served | India |
| 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. 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.
Background
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. 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.
Acceptance
RuPay cards are accepted at all automated teller machines (ATMs) across India under National Financial Switch, and under the NPCI's agreement with DFS, RuPay cards are accepted on the international Discover network. According to the data published by National Payments Corporation of India, there are around 145,270 ATMs and more than 875,000 point of sale (PoS) terminals in India under the RuPay platform. In addition to the ATMs and PoS terminals, RuPay cards are accepted online on 10,000 e-commerce websites. with the same PIN which they use for ATM transactions.
RuPay cards are accepted at all PoS terminals in India. To enable this, RuPay has certified 29 major banks in India to accept the RuPay card at their respective PoS terminals located at different merchant locations.
RuPay cards are accepted at all China's Union Pay and Japan's JCB POS terminals and ATM points across the world.
Core Promoters
RuPay's Parent Organization, National Payments Corporation of India has been backed by 10 leading banks, of which 6 are public sector banks namely State Bank of India, Bank of Baroda, Punjab National Bank, Canara Bank, Union Bank of India and Bank of India; 2 private sector banks ICICI bank and HDFC Bank with 2 foreign banks namely Citi Bank and HSBC.
Issuers
Banks in India are authorized to issue RuPay debit cards to their customers for use at ATMs, PoS terminals, and e-commerce websites. About 240 banks, including all major public sector banks, currently issue RuPay cards to their customers,Cite error: The <ref> tag has too many names (see the help page). RuPay cards are also issued at about 200 cooperative and rural banks to promote financial inclusion.
Benefits of RuPay Card
Lower cost and affordability :
Since the transaction processing will happen domestically, it would lead to lower cost of clearing and settlement for each transaction. This will make the transaction cost affordable and will drive usage of cards in the industry.
Customized product offering :
RuPay, being a domestic scheme is committed towards development of customized product and service offerings for Indian consumers.
Protection of information related to Indian consumers :
Transaction and customer data related to RuPay card transactions will reside in India.
Provide electronic product options to untapped/unexplored consumer segment :
There are under-penetrated/untapped consumers segments in rural areas that do not have access to banking and financial services. Right pricing of RuPay products would make the RuPay cards more economically feasible for banks to offer to their customers. In addition, relevant product variants would ensure that banks can target the hitherto untapped consumer segments.
Inter-operability between payment channels and products :
RuPay card is uniquely positioned to offer complete inter-operability between various payments channels and products. NPCI currently offers varied solutions across platforms including ATMs, mobile technology, cheques etc and is extremely well placed in nurturing RuPay cards across these platforms.
Jan Dhan Yojana
RuPay cards got a major boost through the Pradhan Mantri Jan Dhan Yojana as RuPay cards were issued to all Jan Dhan accounts. Inspite of the critics saying most accounts are dormant, RuPay cards are now widely used by Jan Dhan Card holders.
RuPay EMV
NPCI has rolled out its chip card for high security transactions using EMV (Europay, MasterCard and Visa) chip technology, which is a global standard for debit and credit cards. RuPay chip cards have an embedded microprocessor circuit containing information about the card holder and because transactions are PIN-based rather than signature-based.
Market Share
RuPay cards presently has over 35% of market share in Indian card payment scheme behind Visa which has ove 50% of the market share. More than 20% of the transactions in India is done through RuPay cards in India today.
RuPay for Farmers
RuPay also provides a unified "Kisan Card", issued by banks across the country under Kisan Credit Card, enabling farmers to transact business on ATMs and PoS terminals.
PUNGRAIN (Punjab Grains Procurement Corporation Ltd), pays commission agents through the RuPay Debit Card, and developed a commission agents network called the Kisan Arhtia Information and Remittance Online Network (KAIRON) with the help of the National Payments Corporation of India.
Kotak Mahindra Bank in partnership with RuPay rolled out an initiative for financial inclusion, where the dairy farmers across 75 cooperative societies of AMUL in regions of Burdwan and Hooghly of West Bengal will be able to get their payments directly into their account on the same day of sale of milk.
The same model is planned to be adopted in the state of Gujarat where 1200 cooperative societies comprising over 300,000 dairy farmers will be the part of the programme.
See also
References
- "RuPay Card – All Information about RuPay and RuPay Card". Banking Awareness. 29 August 2012. Retrieved 14 August 2014.
- ^ "Finally, India card Rupay to replace Visa, MasterCard - The Times of India". Articles.timesofindia.indiatimes.com. Retrieved 14 August 2014.
- "'Desi' alternative to VISA, Mastercard from July". Deccanherald.com. 2 May 2013. Retrieved 9 February 2014.
- "NPCI's RuPay debit cards to rival Visa and Mastercard - The Economic Times". Economictimes.indiatimes.com. 27 March 2012. Retrieved 9 February 2014.
- "Visa & MasterCard gone. Rupay card, bring it on". Moneycontrol.com. Retrieved 14 August 2014.
- "IndiaPay's name changed to RuPay". Financial Express. 28 December 2010. Retrieved 14 August 2014.
- "NPCI to launch RuPay global cards by July - Economic Times". Articles.economictimes.indiatimes.com. 5 April 2013. Retrieved 9 February 2014.
- "Clipping of Mumbai, 06 April, 2013 :readwhere". Epaper.financialexpress.com. Retrieved 9 February 2014.
- "NPCI to launch RuPay global cards by July, IBN Live News". Ibnlive.in.com. 5 April 2013. Retrieved 9 February 2014.
- IANS (8 May 2014). "Pranab launches RuPay, India's own card payment network". The Hindu. Retrieved 14 August 2014.
- "Pranab Mukherjee dedicates India's own payment gateway 'RuPay' to nation | Latest News & Updates at Daily News & Analysis". Dnaindia.com. 9 May 2014. Retrieved 14 August 2014.
- ENS Economic Bureau - NEW DELHI. "India Gets its Own Payment Gateway - RuPay". The New Indian Express. Retrieved 14 August 2014.
- "India's own payment gateway 'RuPay' launched". Livemint. 8 May 2014. Retrieved 14 August 2014.
- Our Bureau. "Soon, you can use the RuPay platform to shop abroad, book railway tickets | Business Line". Thehindubusinessline.com. Retrieved 14 August 2014.
- Megha Mandavia (29 March 2013). "Come April, you can use RuPay even online | Latest News & Updates at". Dnaindia.com. Retrieved 9 February 2014.
- "National Payments Corporation of India". Npci.org.in. Retrieved 9 February 2014.
- "'Aadhaar, chip & pin need to coexist' - The Times of India". Timesofindia.indiatimes.com. Retrieved 9 February 2014.
- "NPCI launches e-commerce solution in RuPay Card". Business Standard. 21 June 2013. Retrieved 9 February 2014.
- "RuPay cards can be used online - Times Of India". Articles.timesofindia.indiatimes.com. 22 June 2013. Retrieved 9 February 2014.
- "National Payments Corporation of India". Npci.org.in. Retrieved 9 February 2014.
- "National Payments Corporation of India". Npci.org.in. Retrieved 9 February 2014.
- "Punjab government to make online payment to commission agents - Economic Times". Articles.economictimes.indiatimes.com. 31 March 2013. Retrieved 9 February 2014.
- "Wheat procurement begins today, Arthias to get payments online". Indian Express. 1 April 2013. Retrieved 9 February 2014.
- "Punjab govt to make online payment to commission agents | Business Line". Thehindubusinessline.com. 31 March 2013. Retrieved 9 February 2014.
- ^ "Kotak Bank rolls out financial inclusion plan for Amul workers | Business Line". Thehindubusinessline.com. 17 December 2013. Retrieved 9 February 2014.
External links
| Credit, charge and debit cards | |||
|---|---|---|---|
| Major cards | |||
| Regional and specialty cards | |||
| Defunct cards | |||
| Accounts | |||
| Debt | |||
| Interest | |||
| Payment | |||
| Interchange |
| ||
| Security | |||
| Technology | |||
| Banking | |||
| Interbank networks by region | |||
|---|---|---|---|
| Worldwide | |||
| Africa |
| ||
| Asia | |||
| Europe |
| ||
| North America | |||
| Oceania | |||
| South America |
| ||
