On May 08, 2014, Rashtrapati Bhavan, New Delhi hosted a galaxy of top financial sector leaders.
The occasion was dedication of “RuPay’, India’s own card payment developed by National Payments Corporation of India to the nation.
The beta launch of ‘RuPay’, was in March 2012, with only one aim of migration of transactions from Cash to Electronic.
RuPay card is now accepted at all the ATMs (1,60,000), 95% of PoS terminals (9,45,000+) and most of the eCom merchants (10,000+) in the country.
A variant of the card called ‘RuPay Kisan Card’ is now being used by all the Public Sector banks at the direction of Ministry of Finance, Government of India.
The total number of banks issuing RuPay cards is now more than 250 and the card base as on April 30 is 17 Million plus and is growing at a rate of about 3 Million per month.
RuPay card offers personal accident insurance and permanent disability of Rs 1 lakh to the Card holder at the cost of NPCI subject to the card is kept in activated condition. Such a feature is not present on any international card scheme.
RuPay works on three standard channels — ATMs, Point of Sales (POS) and online sales, is the seventh such payment gateway in the world.