President Pranab Mukherjee on May 8th dedicated “India’s own online payment gateway” to the nation.

RuPay is an Indian domestic card scheme conceived and launched by the National Payments Corporation of India (NPCI). It was created to fulfill the Reserve Bank of Indias desire 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.

Rupay is India’s answer to Visa and MasterCard and will be a direct competitor to both these international payment providers.

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.


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.

The below image is a sample of a card issues by Uttar Bihar Gramin Bank.


Image Courtesy: Wikipedia

RuPay is accepted at all ATMs (1.6 lakh plus), 95% of POS terminals (9.45 lakh plus) and most of the e-commerce merchants. The primary objective of RuPay card is to reduce the overall transaction cost and develop products appropriate for financial inclusion.

RuPay cards will be issued by most of the public sector banks by year-end and the customers can avail both debit as well as credit cards of RuPay.

Benefits of RuPay

The customers will gain from the lower transaction costs compared to Visa and MasterCard. The banks can enter untapped rural market with these cards. More customized products for Indian consumers can be expected from the banks. The information of each customer will reside in India as compared to Visa and MasterCard.

A varient of RuPay prepaid card will be soon available for IRCTC ticket booking. (Although booking ticket on IRCTC remains a challenge!)

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