RuPay: The Indigenous Electronic Card Payment Scheme | Original Article

ABSTRACT:

RuPay is an Indian domestic card scheme like Visa and MasterCard conceived and launched by National Payments Corporation of India (NPCI). NPCI is an institution driven by Reserve Bank of India(RBI) to support/drive all the retail payment systems in the country. NPCI was founded in 2008 under RBI with ten core promoter banks. It's mission is to fulfill RBI’s vision of having a domestic, open loop and multilateral system of payments in India. RuPay hopes to give banks new opportunities to operate in the card payments domain of India. The President of India Shri Pranab Mukherjee on May 8, 2014 dedicates ‘RuPay’ to the nation. The core objective of the RuPay Payment scheme is to consolidate and integrate the multiple payments systems with varying service levels into nation-wide uniform and standard business process for all retail payment systems. With the introduction of the RuPay card India is one of the few countries to have developed a card system domestically. RuPay can be used at ATMs, at Points of Sale(PoS) or retail shops all over the country and for online shopping as well. It will offer immense convenience to Indian consumers.