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Rupay Cards--important points

 http://articles.economictimes.indiatimes.com/2014-05-08/news/49717212_1_rupay-card-national-payments-corporation-payment-gateway


NEW DELHI: India today launched its own payment gateway 'RuPay', equivalent of Visa and Mastercard, which will work on ATMs and mechant outlets and help in reducing cash transactions.
President Pranab Mukherjee unveiled the indigenous card at a function in Rashtrapati Bhavan.
Dedicating it to the nation, Mukherjee said India is one of the few countries in the world to have its own card payment gateway.
The RuPay platform -- developed by National Payments Corporation of India (NPCI)-- is being used by certain banks like ICICI, State Bank of India, Punjab National Bank, among others, for clearing and settlement.
RuPay, which works on three channels -- ATMs, Point of Sales (POS) and online sales, is the seventh such payment gateway in the world.
A variant of pre-paid RuPay card would shortly be launched by IRCTC, which will help in booking railway tickets.
RuPay will not only reduce dependence on cash, but will offer users diverse set of payment option within the country, Mukherjee said.
NPCI Chairman Balachandran M said the NPCI board plans to take RuPay card overseas and is already in talks with Discover Financial Services in the US and JDC in Japan for partnership.
Speaking on the occasion, Financial Services Secretary G S Sandhu said RuPay would be available at a cost which is much less than those of international cards.
For clearing and settlement of each transactions, banks will have to pay 40 per cent lower fees in RuPay platform compared to other international platforms.
The public sector banks have already installed 25,331 RuPay cards enabled ATMS and 9,000 more ATMs would be installed in the current fiscal, Sandhu said.
The RuPay card is accepted at all ATMs (1.6 lakh plus), 95 per cent of PoS terminals (9.45 lakh plus) and most of the eCom merchants (about 10,000) in the country.

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Benefits of RuPay Card
The Indian market offers huge potential for cards penetration despite the challenges. RuPay Cards will address the needs of Indian consumers, merchants and banks. The benefits of RuPay debit card are the flexibility of the product platform, high levels of acceptance and the strength of the RuPay brand-all of which will contribute to an increased product experience.
  1. Lower cost and affordability :

    Since the transaction processing will happen domestically, it would lead to lower cost of clearing and settlement for each transaction. This will make the transaction cost affordable and will drive usage of cards in the industry.

  2. Customized product offering :

    RuPay, being a domestic scheme is committed towards development of customized product and service offerings for Indian consumers.

  3. Protection of information related to Indian consumers :

    Transaction and customer data related to RuPay card transactions will reside in India.

  4. Provide electronic product options to untapped/unexplored consumer segment :

    There are under-penetrated/untapped consumers segments in rural areas that do not have access to banking and financial services. Right pricing of RuPay products would make the RuPay cards more economically feasible for banks to offer to their customers. In addition, relevant product variants would ensure that banks can target the hitherto untapped consumer segments.

  5. Inter-operability between payment channels and products :

    RuPay card is uniquely positioned to offer complete inter-operability between various payments channels and products. NPCI currently offers varied solutions across platforms including ATMs, mobile technology, cheques etc and is extremely well placed in nurturing RuPay cards across these platforms.
 http://www.npci.org.in/RuPayBenefits.aspx
Rupay Cards--important points Reviewed by sambasivan srinivasan on 11:08:00 AM Rating: 5

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