Today, Honorable President of India, Pranab Mukherjee launched India’s own payment gateway named as – RuPay. Ever since the concept of RuPay was out in the public few months back, it was in the news for quite a while but now finally it was launched country-wide officially.
RuPay is an Indian domestic card scheme conceived and launched by the National Payments Corporation of India and equivalent of Visa and Mastercard, which will work on ATMs and merchant outlets like any debit or credit card works. After its launch it will surely going to give tough competition to foreign players.
India is one of the few countries in the world to have its own card payment gateway and RuPay is actually seventh such payment gateway in the world.
An indigenous system like RuPay will, hopefully, not only reduce the dependence on cash and cheque modes of settlement but will also make it easier to offer products based on specific requirements of diverse user sets within the country.
“RuPay”, is the coinage of two terms Rupee and Payment. The RuPay visual identity is a modern and dynamic unit. The orange and green arrows indicate a nation on the move and a service that matches its pace. The color blue stands for the feeling of tranquility which is the people must get while owning a card of the brand ‘RuPay’. The bold and unique typeface grants solidity to the whole unit and symbolizes a stable entity.
About 240 banks, including all major public sector banks, currently issue RuPay cards to their customers, RuPay cards are also issued at about 200 cooperative and rural banks to promote financial inclusion and one of such bank is Uttar Bihar Gramin Bank
RuPay was created to fulfill the Reserve Bank of India’s desire to have a domestic, open loop, and multilateral system of payments in India.
A variant of pre-paid RuPay card would shortly be launched by IRCTC, which will help in booking railway tickets. The public sector such as SBI and PNB are only included clearing settlement of RuPay card sceheme and many have already installed 25,331 RuPay cards enabled ATMS and 9,000 more ATMs would be installed in the current fiscal, said G S Sandhu, Financial Services Secretary.