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 India’s 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. NPCI maintains ties with Discover Financial to enable the card scheme to gain international acceptance
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.
The vision of NPCI being able to provide citizens of our country anytime, anywhere payment services which are simple, easy to use, safe, and secure, fast and also cost effective. NPCI aims to operate for the benefit of all the member banks and the common man at large.
Reserve Bank of India, after setting up of the Board for Payment and Settlement Systems in 2005 released a vision document incorporating a proposal to set up an umbrella institution for all the Retail Payment Systems in the country. The core objective was to consolidate and integrate the multiple systems with varying service levels into nation-wide uniform and standard business process for all retail payment systems. This led to the formation of National Payments Corporation of India, (NPCI).
RuPay, a new card payment scheme launched by the National Payments Corporation of India (NPCI), has been conceived to fulfill RBI’s vision to offer a domestic, open-loop, multilateral system which will allow all Indian banks and financial institutions in India to participate in electronic payments.
“RuPay”, the word itself has a sense of nationality in it. “RuPay” is the coinage of two terms Rupee and Payment. The RuPay Visual Identity is a modern and dynamic unit. 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.
Benefits of using RuPay Card
The Indian market offers huge potential for cards penetration despite the challenges. RuPay Cards will address the needs of Indian consumers, merchants and banks. The benefits of RuPay debit card are the flexibility of the product platform, high levels of acceptance and the strength of the RuPay brand-all of which will contribute to an increased product experience.
Lower cost and affordability :
Since the transaction processing will happen domestically, it would lead to lower cost of clearing and settlement for each transaction. This will make the transaction cost affordable and will drive usage of cards in the industry.
Customized product offering :
RuPay, being a domestic scheme is committed towards development of customized product and service offerings for Indian consumers.
Protection of information related to Indian consumers :
Transaction and customer data related to RuPay card transactions will reside in India.
Provide electronic product options to untapped/unexplored consumer segment :
There are under-penetrated/untapped consumers segments in rural areas that do not have access to banking and financial services. Right pricing of RuPay products would make the RuPay cards more economically feasible for banks to offer to their customers. In addition, relevant product variants would ensure that banks can target the hitherto untapped consumer segments.
Inter-operability between payment channels and products :
RuPay card is uniquely positioned to offer complete inter-operability between various payments channels and products. NPCI currently offers varied solutions across platforms including ATMs, mobile technology, cheques etc and is extremely well placed in nurturing RuPay cards across these platforms.
RuPay Road Map
RuPay is well poised to support issuance of debit and prepaid cards by banks in India and thereby supporting the growth of retail electronic payments in India. RuPay is also working towards enhancing the acceptance ecosystem in the country. Further RuPay is well poised to explore innovative payment opportunities such as Contactless to facilitate and increase the efficiency of increasing the small ticket payments electronically.
We are pleased to inform that RuPay Debit Cards can now be used for online transactions and payments through RuPay PaySecure an e-Commerce solution of National Payments Corporation of India (NPCI). RuPay PaySecure not only provides a platform for e- transactions but also gives the customers a complete unique shopping experience. The RuPay Card can be used at all ATMs, merchant establishments in India for online transactions and payments.
The solution offers enhanced security measures in addition to the RBI mandated 2-Factor authentication viz. registration, OTP, image based authentication and anti-phishing measures.
Highly secure with unique anti-phishing properties
User friendly and smooth adaptability
Simplified architecture & transaction flow reduces transaction time, resulting in faster transaction processing and reduction in drop-outs
Customer Experience: During the online payment the cardholder’s authentication data is collected in a secured manner. Further, with help of a bank themed (Looks exactly similar to the card that the customer is holding) PIN pad the cardholder has to enter the PIN number while making the payment. The pad shuffles each time a digit is entered as an additional security measure.
All RuPay Debit Card Holders for online transactions viz. bill payments, online purchases etc.
RuPay PaySecure Usage
The following flow describes how the customer can use RuPay PaySecure to make online transactions: