Last week country’s President Pranab Mukherjee Unveiled new country’s own credit card payment network ‘Rupay’. the new payment network initiated by the National Payments Corporation of India (NPCI)- a not-for-profit company envisioned by the Reserve Bank of India.
This payment will cover all the ATM machines and all the retail and e-commerce platforms. The rupay will accept all the master and visa cards. Mr mukherjee stated that with the establishment of this system now India Is also among those countries, which have their own payment network to meet the card-based payment system needs of the country. RuPay cards are accepted at all ATMs, more than 90 per cent of ‘Point of Sale’ (POS) terminals and more than 10,000 e-commerce merchants across the country.
Further it has been reported that some banks have even started to issue the cards which are accepted internationally through the network of an international partner. According to the reports there are More than 150 cooperative banks and the Regional Rural Banks (RRBs) in the country have also issued RuPay ATM cards. It is expected that the development of this new provision will help in reducing the dependence on cash and cheques.