RUPAY DIGITAL PAYMENT SYSTEM IN INDIA
RUPAY
THIRD DIGITAL PAYMENT SYSTEM
RuPay is the
first-of-its-kind global Card payment network of India, with wide acceptance at
ATMs, POS devices and e-commerce websites across India. It is a highly secure
network that protects against anti-phishing. The name, derived from the words
‘Rupee and ‘Payment’, emphasizes that it is India’s very own initiative for
Card payments. It is our answer to international payment networks, expressing
pride over our nationality.
RuPay fulfils
RBI’s vision of initiating a ‘less cash’ economy. This could be achieved only
by encouraging every Indian bank and financial institution to become tech-savvy
and engage in offering electronic payments.
A product of National Payments Corporation of India (NPCI)
RuPay is a
product of NPCI, the umbrella organisation that powers retail payments in the
country. The provision under the Payment and Settlement Systems Act, 2007,
empowered the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA)
to create a secure electronic payment and settlement system in India.
The nature of
NPCI’s initiatives and objectives includes it under the “Not for Profit
Company” under the provisions of Section 25 of the Companies Act 1956 and more
recently under the Section 8 of the Companies Act 2013. This was an initiative
to build the necessary banking infrastructure required to propel India towards
a ‘less cash’ economy. NPCI recognises the need for tech-driven innovations in
the retail payments system to drive operational efficiencies among a larger
Indian audience.
Issuing Banks
Presently, RuPay cards are issued by more than 1,100 banks which includes Public Sector Banks, Private Sector Banks, Regional Rural and Co-Operative Banks.It’s ten core promoter banks are State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank N. A. and HSBC.
Currently 56
banks are share-holders of NPCI
Journey So Far
Journey So Far,
has made a significant impact on the retail payment systems in the country.
Dedicated to the nation by our Hon'ble President, Shri Pranab Mukherjee,
endorsed by the Hon'ble Prime Minister, Shri Narendra Modi and later made the
card of choice for the ambitious Pradhan Mantri Jan Dhan Yojana, RuPay is now a
known name.
RuPay in last
seven years has launched various card variants catering to the different
segments of the society.
In addition to
the Government scheme cards, RuPay Classic, Platinum & Select variant cards
are designed for the masses and affluent customers. RuPay offers excellent
privileges and benefits such as International Acceptance, Domestic and
International Airport Lounge Access, free personal accidental death and
permanent total disability insurance coverage , various merchant offers,
different Cashback scheme, Health and Wellness benefits to appeal to the mass
and affluent customers.
Keeping in pace
with continuous development and innovation in the ecosystem, RuPay has
developed a bouquet of new innovative products such as RuPay Contactless With
the vision of One Card for all Payment systems, RuPay Contactless has
revolutionized payments by introducing offline wallet-based payment mechanisms
and service area features for storing merchant/operator-specific applications.
This product enables seamless payment across all use cases, including travel by
different metros and other transport systems across the country, retail
shopping, and purchases.
RuPay Contactless - Tokenization
NPCI has
invested in offering next-generation solutions like tokenization and
mobile-based PoS. These technologies enable Indian consumers to securely use
their phones to make card payments without disclosing their sensitive card
details. It will allow cards to be tokenized on smartwatches, and other
wearables, including many IoT, enabled devices allowing them to conduct card
payments.
Bharat Ecommerce Payment Gateway (BEPG)
BEPG is the new e-commerce system to enhance the current e-commerce experience for the RuPay Cardholders. RuPay card aims to deliver a convenient and easy e-commerce experience without compromising on the security and risk.
OTHER DIGITAL PAYMENT SYSTEN IN INDIA
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