RuPay
is a new card payment scheme launched by the National Payments Corporation of
India (NPCI), 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. RuPay Cards 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. The main features are as under:
• Lower cost and
affordability
• Customized product
offering
• Protection of
information related to Indian consumers
• Provides electronic
product options to untapped/unexplored consumer segment
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