India's own payment platform RuPay has finally found way to hit the commercial platform and reach out to customers. Lenders namely State Bank of India, Bank of Baroda, Bank of India and Union Bank of India have finally introduced debit cards which are associated with RuPay as the payment service provider.
The inception of RuPay has taken place through National Payments Corporation of India (NPCI). RuPay has been launched in the lines of global payment service providers like MasterCard and Visa.
RuPay debit cards will find acceptance across 91,000 ATMs and more than 6 lakh point of sale (POS) terminals all over the country.
RuPay credit cards are expected to hit the market by 2015, expects NPCI.
"Smaller banks which were not in a position to join the card payment system due to high cost of initial participation fee and quarterly minimum processing fee would henceforth be able to participate in RuPay because there are no such fees under RuPay," said Mr A. P. Hota, MD and CEO, NPCI.