Rupay Debit Card
“RuPay” is coined from two terms - Rupee and Payment.
RuPay has been conceived to fulfill RBI’s vision to offer a domestic, open-loop, multilateral system which will allow all Indian banks and financial institutions in India to participate in electronic payments (including e-commerce). Transaction and customer data related to RuPay card transactions will reside in India. Since the transaction processing will happen domestically, it would lead to lower cost of clearing and settlement for each transaction and hence is suited for targeting under-penetrated/untapped consumers segments in rural areas that do not have access to banking and financial services.
RuPay cards are considered more economical for banks to offer it to their customers. It offers complete inter-operability between various payments channels and products. NPCI currently offers varied solutions across platforms including ATMs, mobile technology, cheques etc. and is nurturing RuPay cards across these platforms. RuPay e-Commerce solution was launched on 21 June, 2013. RuPay is well poised to support issuance of credit and prepaid cards by banks in India and thereby supporting the growth of retail electronic payments in India.
It is estimated that Rupay Debit Card accounts for 36% of debit cards in India (as per an announcement made by the Hon'ble PM on 6 November 2015).