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NEXTBIGWHAT

Updated: RuPay Enters E-commerce. Will Compete with Visa & Mastercard
Published by NEXTBIGWHAT - June 26, 2013

RuPay the card payment service backed by a consortium of Indian banks has officially announced its ecommerce foray. On Friday last, central bank officials and government run National Payments Corporation of India launched the service.

Deputy Governor of Reserve Bank of India(RBI), Mr.H.R. Khan presenting the momento to CEO, Mr. Vishwas Patel and COO, Mr. Vivek Nayak, Avenues India Pvt Ltd.

The central bank’s national payments corporation of India (NPCI) had enabled e-commerce payments using RuPay, its Mastercard equivalent service earlier this month.

The move will add another payment option to customers. Some sites, like Coke2home, Justrechargeit and Futurebazaar have already started accepting RuPay payments.

Backed by leading banks in the country, RuPay is a card payment service like Visa or Mastercard which is accepted by merchants.

Payment gateway company CCAvenue* has confirmed that they are one of the companies authorized by NPCI to process RuPay debit cards.

RuPay competes with international card companies such as Visa and Mastercard and has plans for a global roll out in partnership with Discover Financial Services.

China has a similar payment mechanism called the China UnionPay card with a base of 1.8 billlion issued cards accepted in 26 countries. By end of March 2013, there were more than 3 million RuPay cards issued in the country, according to recent reports.

The national payments corporation has plans to launch EMV (Europay, MasterCard and Visa) cards, contact less cards and credit cards in two phases that are yet to come.


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