Recently a few months back, Government of India had asked the PSU banks to issue RuPay debit cards to customers, install POS terminals.
What is RuPay:
RuPay is an Indian domestic Card Sceme (similar like its International counterparts such as MasterCard/Visa/Amex). This was launched by NPCI (National Payments Corporation of India). The idea is conceived by Indian Banks Association (IBA) to full RBI's wish to have a domestic card scheme in India so we can prevent the commissions going to Mastercard/Visa/Amex for domestic transactions. RuPay supports the latest Chip and Pin cards, complying with the international EMV standards. For international acceptance, it has a tie-up with the American financial services giant Discover Financial Services.
The name RuPay is coined from the words 'Rupee' and 'Payment' to strike an immediate chord with the nation's populace.
The orange and green, in fast forward sign, indicate a nation on move and service matching the pace. The colors orange, green and white, which also symbolize the Indian flag, connote RuPay's proud Indian identity.
Some Quick Facts about RuPay:
- The RuPay card was first launched on 26 March 2012
- About 240 banks, including all major public sector banks, currently issue RuPay cards to their customers.
- There are around 145,270 ATMs terminals in India under the RuPay platform (as per NPCI data)
- So far 20 million RuPay Cards have been issued
- Of the 10.35 lakh POS (point of sale) terminals in the country, RuPay can be accepted in 9.87 lakh terminals
- Till now, POS transactions worth Rs 40 crore have happened through RuPay
- RuPay scheme is primarily for debit and pre-paid cards, but in the Product Roadmap of RuPay, credit card offering will be launched when RuPay reaches a market share of about 50 percent.
What this could mean for the Consumers:
- Gradually we could see debit cards with a logo of RuPay instead of MasterCard/Visa - may be all the banks can start issuing RuPay cards
- All domestic ATM terminals accepting RuPay cards
- Changes in POS terminals in the outlets of physical merchants as the retailers start accepting the Rupay cards.
- Merchants supporting e-Commerce/m-commerce transactions start accepting RuPay cards for payments
- Since RuPay is a domestic processor (banks will no longer need to share a big amount of money with MasterCard/Visa), we might see some reduction in service charges/fees/interest rates for RuPay Cards.
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