RuPay: India's own Payment Gateway Launched

[Sushubh]

I thought it already existed.

India’s own payment gateway ‘RuPay’ launched - Livemint

India on Thursday launched its own payment gateway ‘RuPay’, equivalent of Visa and Mastercard, which will work on ATMs and mechant outlets and help in reducing cash transactions.
President Pranab Mukherjee unveiled the indigenous card at a function in Rashtrapati Bhavan.
Dedicating it to the nation, Mukherjee said India is one of the few countries in the world to have its own card payment gateway.
The RuPay platform — developed by National Payments Corporation of India (NPCI) — is being used by certain banks like ICICI, State Bank of India, Punjab National Bank, among others, for clearing and settlement.
RuPay, which works on three channels — ATMs, Point of Sales (POS) and online sales, is the seventh such payment gateway in the world.
A variant of pre-paid RuPay card would shortly be launched by IRCTC, which will help in booking railway tickets.

 

[uumeshh]

me too. infact have seen its logo on the payment page of some sites whose names I can't recollect

 

[yashleo21]

I have an Oriental Bank RuPay card which was practically useless online

 

[Sushubh]

Maybe it would become useful if government forces it on retailers!

 

[yashleo21]

Funny thing is, they forced a few banks to distribute only RuPay debit cards ( Oriental being one of them) but they won't take a step to make it mandatory for online retailers.

 

[Sushubh]

God knows what they would do for the 2.5% cut on all transactions.

 

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[shashankre]

I hope this doesn't turn out to be another IRCTC! Too many simultaneous transactions and it crashes!

 

[amish]

No. This site will not crash.
IRCTC crashes for a reason. More the site crashes, more money agents make! So there is reason, why they dont care if site crashes!
Here there would be no such incentive. So site would not crash!
Plus if site crashes, it will major headache for them of verifying and refunding etc. So they will make sure it works just fine!

 

[ssparikshya]

I have Seen rupay option on ebay.in

 

[chaibiskutbhai]

I think RBI wanted to make it compulsory for all banks to have the option of RuPay cards.