RuPay Card

• RuPay is an Indian version of International cards such as Master Card or VISA.
• Rupee + Payment = Rupay
• National Payments Corporation of India (NPCI) has launched RuPay card in India. 

Aim

• 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. 
• accepted and issued by all major public sector banks, accepted at e-commerce firms, ATM's and Point of Sales (POS) terminals.
• RuPay also provides a unified "Kisan Card", issued by banks across the country under Kisan Credit Card, enabling farmers to transact business on ATMs and POS terminals. 
• Under Jan Dhan Scheme, banks will provide every account holder a RuPay debit card with in-built Rs. 1 lakh insurance scheme. 
• NPCI has tied up with Discover Financial Services to promote its international acceptance. 

Benefits

1. Lower cost and affordability
• since transaction processing will happen domestically it will lead to lower per transaction cost of clearing and settlement.
2. Customized product offering.
• offerings for Indian consumers tailored to their needs.
3. Protection of information related to Indian consumers. 
• all card transaction data will reside in India. 
4. Provide electronic products options to untapped/unexplored consumer segments.
• right pricing of RuPay cards will make RuPay cards more economically feasible for banks. 
5. Interoperability betweeen payment channels and products.
• ATM's, mobile, cheque etc.