Pranab Mukherjee to dedicate 'RuPay' to the nation tomorrow
Updated: May 07, 2014 02:26:23pm
New Delhi, May 7 (KNN) India’s own card payment network, RuPay, which is acceptable at all ATMs, 95 per cent of the Point of Sale terminals and most of the e-commerce merchants will be dedicated to the nation tomorrow. Account holders in rural banks and small cooperatives will now be able to make online purchases with RuPay card which is India’s own version of Visa and MasterCard.
The President of India, Pranab Mukherjee will dedicate ‘RuPay’ India’s own card payment network to the nation tomorrow (May 8, 2014) at a function at Rashtrapati Bhavan, according to an official statement.
A variant of the card called ‘Kisan Card’ is now being issued by all the public sector banks in addition to the mainstream debit card which has been issued by 43 banks.
A variant of Pre-paid RuPay card would shortly be launched by IRCTC. More than 150 Cooperative banks and the Regional Rural Banks (RRBs) in the country have also issued RuPay ATM card.
The total number of cards issued as on date is 17 million and is growing at a rate of about 3 million per month. The card symbolizes the capabilities of banking industry in India to build a card payment network so that dependency on international card schemes is minimized.
‘RuPay’ is developed by National Payments Corporation of India (NPCI), a ‘not-for-profit’ Company envisioned by Reserve Bank of India and created by the banking industry.
The difference between RuPay transactions and Visa or Master Card transactions is that the ATM pin number doubles as the secure code since RuPay manages both the ATM and e-commerce network.
The company will set up machines and earn revenues from fees for every transaction from the card-issuing bank. (KNN/SD)
The President of India, Pranab Mukherjee will dedicate ‘RuPay’ India’s own card payment network to the nation tomorrow (May 8, 2014) at a function at Rashtrapati Bhavan, according to an official statement.
A variant of the card called ‘Kisan Card’ is now being issued by all the public sector banks in addition to the mainstream debit card which has been issued by 43 banks.
A variant of Pre-paid RuPay card would shortly be launched by IRCTC. More than 150 Cooperative banks and the Regional Rural Banks (RRBs) in the country have also issued RuPay ATM card.
The total number of cards issued as on date is 17 million and is growing at a rate of about 3 million per month. The card symbolizes the capabilities of banking industry in India to build a card payment network so that dependency on international card schemes is minimized.
‘RuPay’ is developed by National Payments Corporation of India (NPCI), a ‘not-for-profit’ Company envisioned by Reserve Bank of India and created by the banking industry.
The difference between RuPay transactions and Visa or Master Card transactions is that the ATM pin number doubles as the secure code since RuPay manages both the ATM and e-commerce network.
The company will set up machines and earn revenues from fees for every transaction from the card-issuing bank. (KNN/SD)
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