RUPAY: New threat for Mastercard and Visa

Posted By:
Subscribe to GoodReturns

RUPAY: New threat for Mastercard and Visa
Rupay is a card payment network set up by the National Payments corporation of India (NPCI). The launch of this card will reduce the use of Mastercard and Visa and benefit Indian banks which will reduce the annual transaction fees.

The Reserve Bank of India has granted approval of the public launch of Rupay affiliated cards issued by banks (for use at ATMs and micro-ATMs) and pilot launch of Rupay affiliated Debit Card (issued by banks).

It is an approved card payment network like Mastercard and VISA. As a further step, the issue of Rupay affiliated cards by banks will enable cashless transaction where such cards are used at Point of Sale (POS) and Micro ATMs.

NPCI commercially has already launched RuPay Card on March 26, with major banks such as SBI, BoB, UBI, BoI, Corporation Bank and Axis Bank launching their domestic debit cards on the RuPay platform.

For RuPay, there will be no one time joining fee, and other charges would be around 40% less.

According to PTI, RuPay will be accepted at all the 91,000 ATMs and over 6 lakh point of sale terminals in the country and in due course, it will be accepted on the Internet and also at ATMs/PoS terminals abroad. NPCI has finalised an arrangement with payment gateway Discover for international acceptance.

GoodReturns.in

Read more about: banks, rupay
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?