RuPay: India’s version of Visa, MasterCard launched
As of today in India, we are using foreign card payment networks like Visa, Master Card etc, Which is costly and unsecure for the nation financial transactions information. To over come these problems Indian Banks Association and Reserve Bank of India brought RuPay, Indian domestic card payment network developed by national Payments Corporation of India. RuPay will replace Visa, MasterCard etc to provide services like RuPay ATM, Rupay MicroATM, Debit, Prepaid and Credit Cards which will accept in India and abroad.
RuPay card system will help banks to reduce the cost of issuing debit and credit cards. RuPay undercut Visa and MasterCard on processing fees per transaction. With this network any bank in India which are not eligible for International card schemes can get card payment service.
First set of RuPay Cards are launched by large public sector banks State Bank of India, Bank of Baroda, Bank of India and Union Bank of India. Soon RuPay network will be widely available and extends to private banks also.
RuPay is similar to China UnionPay network, which is promoted by Chinese government. India has to take similar steps in many areas to reduce the dependency on foreign services.