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Domestic alternative to MasterCard and Visa - RuPay
Published by Educate Square - June 25, 2013

National Payment Corporation of India (NPCI) has finalized the decision to launch Unique India Card RuPay which is the alternative of global real time processing firms like Master card and Visa. This significant move will provide convenience to the customers as they can use RuPay instead of Master card and Visa and there are multiple websites such as Future group’s online venture which now provide Rupay option for payments.

RuPay

Some of the online payment firm like CCAvenue may be one of the first authorized companies by NPCI which can process Rupay debit cards. This Rupay debit card is issued to the various public sector banks like State Bank of India, Bank of Baroda, Bank of India, Union Bank of India and Punjab National Bank. Subsequently, 3 millions of RuPay debit cards have been issued to these banks to provide this unique facility to the customers. And this debit card facility is revolutionized to compete with the international payment facilitators like Visa and Master card.

This is globally accepted and customers can use this debit card for online payments through e-commerce websites. Domestic banks are now tied up with Master Card and Visa for connectivity between merchants, cardholders and issuing banks not just in the country but across the world.

NPCI endorsed that this Rupay debit card as per the RBI policy is accessible everywhere and you can do any kind of payments through this. The Rupay involves setting up of network switch, which plays a key role of the payment gateway and connects all the ATM and point-on-sale terminals. The domestic system gradually swaps the payment settlement provider like Master and Visa card with the Rupay. This is quite beneficial and advantageous for the card holders to pay and manage all the transactions through this inimitable and widely accepted Rupay debit card.

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