Unique India card called Rupay to be launched as an alternative to Visa and MasterCard
The National Payments Corporation has commercially launched a global card called Rupay after almost two years of planning. This card will be an alternative to the global real-time payment processing firms like Visa and MasterCard. "We have finalized name of the proposed card as Rupay at our board meeting here today. We have also finalised the logo for the same," a senior official of the RBI-set up National Payments Corporation of India (NPCI) informed reporters yesterday.
He also added that the leading financial consultancy firm Ernst & Young (E&Y) will develop and roll out the entire architecture, and also the design and software for the Rupay card rollout. A senior official at E&Y confirmed this news. He also said that NPCI is first considering launching a domestic ATM/debit card and later on hit the credit card market.
The Reserve Bank of India had asked the Indian Banks Association to launch a not-for-profit company in 2009 and also design a rival card. The card tentatively was called India Card and it would meet the needs of the domestic banks.
But finally the RBI plan is taking shape and Rupay will be like the Union Pay of China, which is the domestic real-time payment processing firm for Chinese banks, and was planned to be launched last year.
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