India Card Rupay to replace Visa, MasterCard
PRESS TRUST OF INDIA
Mumbai, Mar 21: After almost two years of planning, the National Payments Corporation of India has finally finalised the proposed unique India Card which once commercially launched would replace the global real-time payment processing firms Visa and MasterCard, from the domestic payment system.
"We have finalised 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), told PTI. The official sought not to be named.
The official further said the leading financial consultancy firm Ernst & Young(E&Y) will develop and roll out the entire architecture, including the design and software for the Rupay card rollout.
A senior E&Y official confirmed the development to this agency. He said, the NPCI will initially launch a domestic ATM/debit cards to begin with and then would hit the credit card market later on.
In 2009, the RBI had asked the Indian Banks Association to launch a not-for-profit company and design a rival card, then tentatively called India Card, that meets the requirements of the domestic banks.
And finally, RBI plan is materialising 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.
The commercial launch is expected in a few months, oncethe systems and network are in place.
Domestic banks now have no option but to tie up with Visa or MasterCard for connectivity between cardholders, merchants and issuing banks not just within the country, but across the globe in the absence of a domestic card.
Every transaction done here using a debit or credit card issued by a domestic bank is routed through network switches owned by Visa or MasterCard, which are based outside the country. But now the Rupay would eliminate the need for this connectivity.
Lastupdate on : Mon, 21 Mar 2011 21:30:00 Makkah time
Lastupdate on : Mon, 21 Mar 2011 18:30:00 GMT
Lastupdate on : Tue, 22 Mar 2011 00:00:00 IST
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