Indian President Pranab Mukherje on Thursday dedicated to the nation, RuPay, India’s indigenous card payment network. National Payments Corporation of India has developed this network & will compete with Visa/Mastercard. RuPay is a term which combines Rupee & Payment. With the rapid growth of Indian financial, banking & e-commerce system in India, an Indigenous payment netwowk will provide a big boost to Indian economy.
There are around 145,270 ATMs and more than 875,000 point of sale (PoS) terminals in India under the RuPay platform. RuPay cards are accepted at all ATM’s across India & NPCI has also entered into a partnership with Discover financial for its global growth. India now ranks among a few countries in the world to have developed an indigenous card payment network.