India officially launched its domestic card scheme RuPay yesterday (8th May, 2014), It is conceived and launched by the NationalPayments Corporation of India (NPCI).It fulfills the Reserve Bank of India’s vision to have a domestic, open loop, and multilateral system of payments in India. RuPay facilitates electronic payment at all Indian banks and financial institutions, and competes with MasterCard and Visa in India. The NPCI is also in the process to enable the RuPay to gain international acceptance.
Since the transaction processing will happen domestically, RuPay offers 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.
RuPay card also offers complete inter-operability between various payments channels and products. NPCI currently offers varied solutions across platforms including ATMs, mobile technology, cheques etc.
The National Payments Corporation of India (NPCI) is a pioneer organization in the field of retail payments in India. It is a body promoted by RBI and has presently ten core promoter banks (State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC). It has been incorporated as a Section 25 company under Companies Act and is aimed to operate for the benefit of all the member banks and their customers.
“RuPay” is the coinage of two terms Rupee and Payment. Om the Visual Identity of RuPay, 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.
Apart from its economics, I would say each innovation in secured e-commerce and transactions shall substantially contribute for the health of our lovely PLANET EARTH by reducing the needs for traveling for the sole purpose of purchases and payments.