RuPay ''(

portmanteau A portmanteau word, or portmanteau (, ) is a blend of wordsmultinational

financial services Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, ...

and payment service system, conceived and launched by the National Payments Corporation of India (NPCI) on 26 March 2012. It was created to fulfil the

Reserve Bank of India The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible f ...

's (RBI) vision of establishing a domestic, open and multilateral system of payments. RuPay facilitates electronic payment at all Indian banks and financial institutions. NPCI maintains ties with

Discover Financial Discover Financial Services is an American financial services company that owns and operates Discover Bank, which offers checking and savings accounts, personal loans, home equity loans, student loans and credit cards. It also owns and operates ...

, JCB to enable RuPay card scheme to gain international acceptance. As of November 2020, around 60.3 crores (603.6 million) RuPay cards have been issued by nearly 1,158 banks. All

merchant discount rate A merchant account is a type of bank account that allows businesses to accept payments in multiple ways, typically debit or credit cards. A merchant account is established under an agreement between an acceptor and a merchant acquiring bank for ...

(MDR) charges were eliminated for RuPay transactions from 1 January 2020. All Indian companies with an annual turnover exceeding are required to offer RuPay payment options to their customers.

Background

In 2009, RBI had asked the Indian Bank Association to create a non-profit payment company which will design an indigenous payment card. The card was tentatively referred as India Pay. After years of planning,

NPCI The National Payments Corporation of India is an umbrella organization for operating retail payments and settlement systems in India, is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of ...

was entrusted with the implementation and finalised the name of the proposed card as RuPay, a

portmanteau A portmanteau word, or portmanteau (, ) is a blend of words''ru''pee and ''pay''ment to avoid naming conflicts with other financial institutions using the same name. The colours used in the logo are an allusion to the tricolour

flag of India The national flag of India, colloquially called the tricolour, is a horizontal rectangular tricolour flag of India saffron, white and India green; with the ', a 24-spoke wheel, in navy blue at its centre. It was adopted in its present fo ...

. NPCI conceived it as an alternative to Mastercard and Visa while consolidate and integrate various payment systems in India. RBI in its vision paper 2009–2012 on payment systems in India said that the need for such a system arises from the absence of a domestic price setter that has caused the Indian banks to bear the high cost for affiliation and the connection with international card associations schemes like Visa and Mastercard resulting in the need for routing even domestic transactions which account for more than 90%, through a switch located outside the country. The RuPay scheme was launched on 26 March 2012. RuPay was dedicated to India on 8 May 2014, by the then

President of India The president of India ( IAST: ) is the head of state of the Republic of India. The president is the nominal head of the executive, the first citizen of the country, as well as the commander-in-chief of the Indian Armed Forces. Droupadi Murm ...

Pranab Mukherjee Dr. Pranab Mukherjee (11 December 193531 August 2020) was an Indian politician and statesman who served as the 13th president of India from 2012 until 2017. In a political career spanning five decades, Mukherjee was a senior leader in the Indi ...

, at the

Rashtrapati Bhavan The Rashtrapati Bhavan (, rāsh-truh-puh-ti bha-vun; ; originally Viceroy's House and later Government House) is the official residence of the President of India at the western end of Rajpath, Raisina Hill, New Delhi, India. Rashtrapati B ...

New Delhi New Delhi (, , ''Naī Dillī'') is the capital of India and a part of the National Capital Territory of Delhi (NCT). New Delhi is the seat of all three branches of the government of India, hosting the Rashtrapati Bhavan, Parliament Hous ...

. NPCI launched an international subsidiary called NPCI International Payments Limited (NIPL) on 19 August 2020 to increase the globalisation and availability of RuPay in foreign markets. As of March 2021, the market share of RuPay in India by volumes of traction is at 34% and by value 30% respectively. On December 14, 2021, the

Government of India The Government of India ( ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, ...

approved ₹1,300 crore ($170 million) package to promote RuPay among marginalised section of the population. Mastercard and Visa called this move protectionism which threaten their duopoly in the Indian card payment market. Both the companies further raised their complaint with

Office of the United States Trade Representative The Office of the United States Trade Representative (USTR) is an agency of the United States federal government responsible for developing and promoting American trade policy. Part of the Executive Office of the President, it is headed by the ...

(USTR).

Internationalisation

Around 77.7 crore (777 million) Indian consumers shop cross-border in 2021. To make ease of payment, NPCI International Payments Limited (NIPL) signed memorandum of understanding (MoU) with UK based PPRO Financial on 17 November 2021 to expand the acceptance of RuPay into foreign markets especially in China and United States which accounts for half of all international transaction coming from India. Under Payments Vision 2025, RBI will further push for internationalization of RuPay with countries using

United States dollar The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the officia ...

Pound sterling Sterling (abbreviation: stg; Other spelling styles, such as STG and Stg, are also seen. ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound ( sign: £) is the main unit of sterling, and ...

and

Euro The euro ( symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . ...

under bilateral treaties.

Products

RuPay offers

debit card A debit card, also known as a check card or bank card is a payment card that can be used in place of cash to make purchases. The term '' plastic card'' includes the above and as an identity document. These are similar to a credit card, but ...

credit card A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the ...

s, prepaid cards and government scheme cards. Government scheme cards include both debit cards such as the RuPay PMJDY, RuPay Mudra and RuPay PunGrain cards, and the RuPay

Kisan credit card The ''Kisan Credit Card'' (KCC) scheme is a credit scheme introduced in August 1998 by Indian public sector banks to issue kisan credit card to the farmers of India. This model scheme was prepared by the National Bank for Agriculture and Rural ...

. It also offers combo cards that offer debit and credit, debit and prepaid, or credit and prepaid features through a single card.

Debit cards

RuPay issues debit cards in three variants - RuPay Classic, RuPay Platinum and RuPay Select. Classic is the standard basic RuPay-branded card which offers minimum features such as various merchant offers in categories like dining, travel, pharmacy, lifestyle, cosmetics, retails, shopping, and jewelry. It does not offer benefits such as airport lounge access. Platinum is the middle tier offering from RuPay which provides all the features of Classic, plus more offers and benefits such as airport lounge access, comprehensive insurance coverage of up to ₹2,00,000 and various other merchant offers. NPCI launched the RuPay Select card in the 2020 targeting affluent customers. It is the most premium debit card offering from RuPay. The card is different from previous offerings as it is independent of issuing bank that form partnership with various businesses to provide card specific benefits. Now all the benefits are curated under one package independent of bank partnerships, so as to stop customer to apply for multiple card schemes. The RuPay Select is for NPCI to capture the market-share of high spending customers and provide an Indian alternative against the premium offerings from Mastercard, Visa etc. As of July 2018, RuPay cards have been issued by banks across India. Apart from the main private-sector and public-sector banks, RuPay cards are also issued by cooperative banks (scheduled cooperative banks, district cooperative banks, state cooperative banks, urban cooperative banks) and regional rural banks (RRBs) in the country.

Credit cards

Like RuPay debit cards, RuPay credit cards are also available in three variants - RuPay Classic, RuPay Platinum and RuPay Select. RuPay credit cards were in operation since June 2017, with eight public sector banks, one private sector bank and one cooperative bank issuing the card without any formal launch. A pilot project was going on to technically enabling more and more banks in RuPay credit cards with additional five public sector banks and by March 2018, NPCI plans to have 25 banks altogether on board. Total 17 banks launched RuPay credit cards. *

Axis Bank Axis Bank Limited, formerly known as UTI Bank (1993–2007), is an Indian banking and financial services company headquartered in Mumbai, Maharashtra. It sells financial services to large and mid-size companies, SMEs and retail businesses. As ...

HDFC Bank HDFC Bank Limited (also known as HDB) is an Indian banking and financial services company headquartered in Mumbai. It is India's largest private sector bank by assets and world's 10th largest bank by market capitalisation . It is the third la ...

* IDBI Bank *

United Bank of India United may refer to: Places * United, Pennsylvania, an unincorporated community * United, West Virginia, an unincorporated community Arts and entertainment Films * ''United'' (2003 film), a Norwegian film * ''United'' (2011 film), a BBC Two f ...

* Union Bank of India * Punjab National Bank * Punjab and Maharashtra Co-operative Bank *

Saraswat Bank Saraswat Co-operative Bank Ltd. is an urban co-operative banking institution, having its headquarter in Mumbai, Maharashtra, India and operating as a co-operative society since 1918. The Founding Members of the society were J. K. Parulkar as ch ...

Canara Bank Canara Bank is an Indian public sector bank under the control and ownership of Ministry of Finance, Government of India. Established in 1906 at Mangalore by Ammembal Subba Rao Pai, the bank also has offices in London, Dubai and New York. His ...

* Central Bank of India * Vijaya Bank * Bank of India * SBI Card *

Federal Bank Federal Bank Limited is an Indian private sector bank headquartered in Aluva, Kochi, Kerala. The bank has 1,336 branches spread across different states in India. It also has representative offices abroad in Abu Dhabi, Qatar, Kuwait, Oman, and ...

* Kotak Mahindra Bank *

Bank of Baroda Bank of Baroda (BOB or BoB) is an Indian public sector bank headquartered in Vadodara, Gujarat. It is the second largest public sector bank in India after State Bank of India, with 132 million customers, a total business of US$218 billion, ...

Yes Bank Yes Bank is an Indian bank headquartered in Mumbai, India and was founded by Rana Kapoor and Ashok Kapoor in 2004. It offers wide range of differentiated products for corporate and retail customers through retail banking and asset management ...

To further boost the fast-growing payment network, SBI Cards & Payments Services Ltd will soon launch RuPay credit cards. This is a last agreement that is left out between

and SBI with the proposed product launch in fiscal 2019. After a moratorium from RBI on Mastercard due to data localization issue,

and

started on-boarding new credit card customers on RuPay platform. In 2021, Fiserve with NPCI launched a stack of services called nFiNi that will help Indian banks improve the quality of services on RuPay credit cards. Union Bank of India (UBI) in September 2021 launched RuPay and JCB co-branded international credit card.

RuPay Signet Contactless Credit Card launched on 27 September 2021. NPCI in collaboration with Kotak Mahindra Bank launched specially designed RuPay credit cards for

Indian Armed Forces The Indian Armed Forces are the military forces of the Republic of India. It consists of three professional uniformed services: the Indian Army, Indian Navy, and Indian Air Force.—— Additionally, the Indian Armed Forces are supported by th ...

on 28 October 2021. BOB Financial and NPCI partner to launch

RuPay and JCB co-branded international credit card on 16 November 2021. Launched on the RuPay-JCB International network, both network cards support global acceptance. The Digital Payment Utsav held in the city on Sunday, 5 December 2021. India Post Payments Bank- Punjab National Bank, Kotak Mahindra Bank,

YES Bank Yes Bank is an Indian bank headquartered in Mumbai, India and was founded by Rana Kapoor and Ashok Kapoor in 2004. It offers wide range of differentiated products for corporate and retail customers through retail banking and asset management ...

Indian Overseas Bank Indian Overseas Bank (IOB) is an Indian public sector bank based in Chennai. It has about 3,214 domestic branches, about 4 foreign branches and representative office. Founded in February 1937 by M. Ct. M. Chidambaram Chettyar with twin objec ...

ICICI Bank ICICI Bank Limited is an Indian Private bank. It is headquartered at Mumbai. It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiar ...

, Indian Bank, Bank of Maharashtra, and City Union Bank launched Contactless Credit cards on the RuPay network. From 8 June 2022, RBI allowed linking RuPay Credit Card with

Unified Payments Interface Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India (NPCI). The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. It is used ...

(UPI). In the absence of a physical card, customers can use UPI as credit card for transaction. The service was officially launched on 20 September 2022.

Combo cards

The Union Bank of India launched RuPay Combo Debit Cum Credit Card in November 2018, the first RuPay card that facilitates both debit and credit transactions through a single card. The card has 2 EMVs and 2 magnetic stripes.

Prepaid cards

RuPay issues prepaid cards in three variants - RuPay Classic, RuPay Corporate and RuPay Platinum.

Sodexo Sodexo (formerly Sodexho Alliance) is a French food services and facilities management company headquartered in the Paris suburb of Issy-les-Moulineaux. It has 412,088 employees as of 2021, operates in 55 countries and serves 100 million custom ...

launched the Sodexo Multi-Benefit Pass in partnership with RuPay in May 2019. The card contains a

magnetic stripe The term digital card can refer to a physical item, such as a memory card on a camera, or, increasingly since 2017, to the digital content hosted as a virtual card or cloud card, as a digital virtual representation of a physical card. They share ...

that allows users to pay for meal-benefits and a chip that allows them make purchases through the RuPay network. It can also be used to make online purchases on web portals that accept RuPay payments. Indian Railway Catering and Tourism Corporation (IRCTC) in collaboration with the Union Bank of India and the National Payment Corporation of India launched the IRCTC-UBI RuPay pre-paid card on 2015 to book tickets, do shopping and pay service bills. The card is a first-of-its-kind in the market as both virtual as well as physical cards are being issued to customers in two variants. Kochi1, a RuPay prepaid smart card rolled out by the Kochi Metro Rail Ltd (KMRL) with the help of the

on 2 March 2019, became the first inter-modal transit card when its usage was extended to private buses with additional services including parking solutions in near future. It is launched under Kochi Smart City project and there are plans to extend the card to auto-rickshaws, ferries including that of the

Kerala State Water Transport Department Kerala State Water Transport Department (SWTD) is a governmental department that regulates the inland navigation systems in the Indian state of Kerala and provides inland water transport facilities. It stands for catering to the traffic needs ...

, proposed Water Metro,

KSRTC KSRTC may refer to: * Karnataka State Road Transport Corporation * Kerala State Road Transport Corporation Kerala State Road Transport Corporation (KSRTC) is a state-owned road transport corporation in the Indian state of Kerala. It is one o ...

buses so as to make it a Common Mobility Card in all respects.

RBL Bank RBL Bank, formerly known as Ratnakar Bank, is an Indian private sector bank headquartered in Mumbai and founded in 1943. It offers services across six verticals: corporate and institutional banking, commercial banking, branch and business bank ...

had partnered with GI Technology, a

Wirecard Wirecard AG is an insolvent German payment processor and financial services provider whose former CEO, COO, two board members, and other executives have been arrested or otherwise implicated in criminal proceedings. In June 2020, the company a ...

subsidiary and India's largest wallet-based domestic money remittance company operating under the Brand Name ICashCard to launch RBL-ICASH co-branded, open loop RuPay Prepaid Card. ItzCash, India's largest digital payments company announced that it has partnered with RBL Bank to launch the country's first co-branded Rupay Platinum Prepaid Card. The multi-purpose card will roll out a suite of prepaid services across physical and virtual platforms. The service was launched to ensure seamless interoperability, access to unlocking multiple solutions and driving the prepaid program of the nation. MobiKwik launched RuPay Prepaid card in collaboration with NPCI and

on 12 November 2021.

RuPay Global

The NPCI started issuing global cards in 2014. Singapore has offered assistance to promote India's digital payment network RuPay card overseas by becoming its first international partner. On 7 March 2012,

entered into a strategic partnership with Discover Financial Services (DFS) for RuPay, enabling the acceptance of RuPay Global Cards to utilise the

Discover Discover may refer to: Art, entertainment, and media * ''Discover'' (album), a Cactus Jack album * ''Discover'' (magazine), an American science magazine Businesses and brands * DISCover, the ''Digital Interactive Systems Corporation'' * D ...

Diners Club International Diners Club International (DCI), founded as Diners Club, is a charge card company owned by Discover Financial Services. Formed in 1950 by Frank X. McNamara, Ralph Schneider, Matty Simmons, and Alfred S. Bloomingdale, it was the first independent ...

and

PULSE In medicine, a pulse represents the tactile arterial palpation of the cardiac cycle (heartbeat) by trained fingertips. The pulse may be palpated in any place that allows an artery to be compressed near the surface of the body, such as at the n ...

networks for international purchases and cash access outside of India. Both companies were also working to implement D-PAS, Discover's EMV technology to offer chip-based cards to RuPay card members. The cards are accepted by over 42.4 million POS terminals and 1.90 million ATMs in 185 countries.

with JCB launched RuPay-JCB Global card on 22 July 2019. After extending domestic POS terminal and ATM support for incoming foreign JCB card holders in 2017,

entered into the second phase of partnership with the launch of co-branded card to further increase the international acceptance of RuPay. The card will offer special cashback program for POS transactions outside India in addition to selected popular international destinations for travellers. It will support additional services such as in-city JCB Lounges located in airports with round the year merchant promotions all over the world. While debit cards are only being issued initially through the partnership, credit and prepaid cards are also on the anvil. RuPay issued 64 million (64 million) Global Cards between 2014 and March 2019. RuPay has tied-up with international players like Discover, Japan Credit Bureau and China

Union Pay UnionPay (), also known as China UnionPay () or by its abbreviation, CUP or UPI internationally, is a Chinese state-owned financial services corporation headquartered in Shanghai, China. It provides bank card services and a major card scheme ...

to enhance its international acceptance and recently achieved a milestone of issuing 25 million RuPay – Discover global cards. RuPay has several agreements with other international payment networks. Some major examples include: *

Pulse In medicine, a pulse represents the tactile arterial palpation of the cardiac cycle (heartbeat) by trained fingertips. The pulse may be palpated in any place that allows an artery to be compressed near the surface of the body, such as at the n ...

in United States * JCB in Japan * NETS in Singapore *

UnionPay UnionPay (), also known as China UnionPay () or by its abbreviation, CUP or UPI internationally, is a Chinese state-owned financial services corporation headquartered in Shanghai, China. It provides bank card services and a major card sc ...

in China *

BC Card BC Card (Hangul: 비씨카드) is a South Korean financial services company headquartered in Seoul. South Korea's largest payment processing company, it provides end-to-end payment services, primarily to financial institutions, as well as to loca ...

in South Korea *

Elo Elo or ELO may refer to: Music * Electric Light Orchestra, a British rock music group ** ''The Electric Light Orchestra'' (album), the group's debut album ** ''ELO 2'', the group's second album * ELO Part II, an offshoot band of Electric Light ...

in Brazil * DinaCard in

Serbia Serbia (, ; Serbian: , , ), officially the Republic of Serbia ( Serbian: , , ), is a landlocked country in Southeastern and Central Europe, situated at the crossroads of the Pannonian Basin and the Balkans. It shares land borders with Hu ...

RuPay for Business

RuPay E-com

RuPay E-com is the

payment gateway A payment gateway is a merchant service provided by an e-commerce application service provider that authorizes credit card or direct payments processing for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar. The ...

that facilitates online transactions by RuPay card holders. It supports one click payments, Seamless APIs, and Connected Checkout, and also offers additional payment options such as subscription payments, EMI, online credit card bill payments and balance transfers.

Commercial credit card

NPCI launched the RuPay Commercial Credit Card for corporate clients on 23 July 2020 at Global Fintech Fest in partnership with

State Bank of Mauritius State Bank of Mauritius (SBM), is a bank in Mauritius that the Bank of Mauritius, the national banking regulator, has licensed as a commercial bank. SBM is the second-largest bank in Mauritius with a market share of about 25% of domestic banking ...

(SBM). Fintech startup Yap helped in developing the

application programming interface An application programming interface (API) is a way for two or more computer programs to communicate with each other. It is a type of software interface, offering a service to other pieces of software. A document or standard that describes how ...

(API) powering the card while EnKash will provide dedicated customer support and expense management service. SBM is targeting the product towards SMEs and MSMEs. It will be available through State Bank of Mauritius touch-points across India which is undergoing business expansion. RuPay Business credit card is offering instant bulk payout, 30-day credit period on business purchase, automated goods and services tax (GST) and a dashboard to manage business spending that will further help the clients move towards more powerful corporate offerings from NPCI in future. Central Bank of India with NPCI launched RuPay Business Platinum on 29 December 2021 for corporate customers. The card will help people from

small business Small businesses are types of corporations, partnerships, or sole proprietorships which have fewer employees and/or less annual revenue than a regular-sized business or corporation. Businesses are defined as "small" in terms of being able to ...

and micro-enterprise to maintain personal and business account separately.

RuPay Pro

RuPay Pro credit card is also launched on 23 July 2020 at Global Fintech Fest but is mainly oriented towards young individual entrepreneurs. It is offering variable billing cycle, travel expenses, rental payments with dedicated customer services and expense tracking mechanism. It supports digital and paperless know you customer (KYC) process on-boarding.

nth Rewards

nth Rewards is a loyalty benefits platform operated by the NPCI that enables corporate clients to sponsor rewards for RuPay card holders.

Technology

RuPay Contactless

RuPay Contactless RuPay ''( portmanteau of Rupee and Payment)'' is an Indian multinational financial services and payment service system, conceived and launched by the National Payments Corporation of India (NPCI) on 26 March 2012. It was created to fulfil t ...

is a

contactless payment Contactless payment systems are credit cards and debit cards, key fobs, smart cards, or other devices, including smartphones and other mobile devices, that use radio-frequency identification (RFID) or near-field communication (NFC, e.g. Samsung ...

technology feature that allows cardholders to wave their card in front of contactless payment terminals without the need to physically swipe or insert the card into a point-of-sale device. This is an EMV-compatible, contactless payment feature similar to Mastercard Contactless, Visa Contactless, and

ExpressPay American Express Company (Amex) is an American multinational corporation specialized in payment card services headquartered at 200 Vesey Street in the Battery Park City neighborhood of Lower Manhattan in New York City. The company was founde ...

which use

RFID Radio-frequency identification (RFID) uses electromagnetic fields to automatically identify and track tags attached to objects. An RFID system consists of a tiny radio transponder, a radio receiver and transmitter. When triggered by an electromag ...

technology. The National Payments Corporation of India's (NPCI) card network RuPay has launched a contactless prepaid NFC card. It launched the contactless card for the

Ahmedabad Ahmedabad ( ; Gujarati: Amdavad ) is the most populous city in the Indian state of Gujarat. It is the administrative headquarters of the Ahmedabad district and the seat of the Gujarat High Court. Ahmedabad's population of 5,570,585 (per ...

Smart city A smart city is a technologically modern urban area that uses different types of electronic methods and sensors to collect specific data. Information gained from that data is used to manage assets, resources and services efficiently; in retur ...

project in association with ICICI Bank and Ahmedabad Municipal Corporation. It also launched similar prepaid contactless cards for the Kochi Metro Rail Ltd (KMRL) and Bangalore Metropolitan Transport Corporation (BMTC) in association with Axis Bank. Contactless can currently be used on transactions up to and including ₹2000. In March 2019 under ‘One Nation, One Card’ scheme a National Common Mobility Card (NCMC) for transportation was launched by

Prime Minister A prime minister, premier or chief of cabinet is the head of the cabinet and the leader of the ministers in the executive branch of government, often in a parliamentary or semi-presidential system. Under those systems, a prime minister is ...

Narendra Modi Narendra Damodardas Modi (; born 17 September 1950) is an Indian politician serving as the 14th and current Prime Minister of India since 2014. Modi was the Chief Minister of Gujarat from 2001 to 2014 and is the Member of Parliament from ...

at a function in

on RuPay platform in order to avoid vendor lock-in and create an interoperable system under

Make in India Make in India is an initiative by the Government of India to create and encourage companies to develop, manufacture and assemble products made in India and incentivize dedicated investments into manufacturing. The policy approach was to crea ...

This is the latest development in the forward movement of the Interoperable Fare Management System. The main aim behind the card is to redefine payment for public transport systems and retail ease of access, at the cutting edge of digital payments. The project is under the purview of the

Ministry of Housing and Urban Affairs The Ministry of Housing and Urban Affairs (MoHUA) is a ministry of the Government of India with executive authority over the formulation and administration of the rules and regulations and laws relating to the housing and urban development in Ind ...

, with the vision "One Card for all payments". With this theme, the card needed to be accepted across multiple verticals. It then made sense to take up a card which is gaining a significant amount of adoption in the contactless payment space. The specifications for the NCMC programme are with the government and it is not owned by any specific body, hence all card payment schemes are welcome to join the programme. Brihanmumbai Electricity Supply and Transport (BEST) buses are set to become the first public transportation in India to roll out the National Common Mobility Card (NCMC). The one nation, one card system will initially be implemented on a pilot basis from November 2019 and will be available widely only from 2020. More than 10,000 BEST conductors will be given the hand-held devices that would be able to scan the NCMC cards with just one tap, alongside generating paper tickets. Visa is ready with the specifications to start issuing cards on the NCMC network and has started discussions with banks to issue their cards on NCMC as well, but it will take some time for the cards to start getting rolled out in the market. Just weeks after its biggest competitor Visa, Mastercard set to join One Nation One Card project. After discussions with

Bharat Electronics Limited Bharat Electronics Limited (BEL) is an Indian Government-owned aerospace and defence electronics company. It primarily manufactures advanced electronic products for ground and aerospace applications. BEL is one of nine PSUs under the Ministry ...

(BEL) and

Centre for Development of Advanced Computing The Centre for Development of Advanced Computing (C-DAC) is an Indian autonomous scientific society, operating under the Ministry of Electronics and Information Technology. History CDAC was created in November 1987, initially as the Centre ...

(C-DAC), Bangalore Metro Rail Corporation Limited (BMRCL) confirmed the trial run from 1 January 2020 with four automatic fare collection (AFC) gates at Nadaprabhu, Kempegowda and

Baiyyappanahalli Baiyyappanahalli or New Baiyyappanahalli Extension is one of the neighbourhoods in Bengaluru. It is part of C. V. Raman Nagar in East Bengaluru. The area is a transport hub and popular for Baiyappanahalli metro station and Baiyyappanahalli rai ...

stations. Passengers of

Bangalore Metropolitan Transport Corporation Bengaluru Metropolitan Transport Corporation - (BMTC) is a state-owned public road transport corporation in the Indian city of Bengaluru. It is wholly owned by the Government of Karnataka. It serves the Bengaluru Metropolitan Region. Histor ...

(BMTC) buses and Metro trains on the Majestic-Whitefield route will be able to use the card. Existing AFC gates at Phase 1 metro stations will have to be upgraded while AFC gates at Phase 2 metro stations operational by 2024 will accept new cards. Around 11,000 old electronic ticketing machines will be replaced with new android-based ones of which around 2,000 have already been changed to accept the card. The

State Bank of India State Bank of India (SBI) is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra. SBI is the 49th largest bank in the world by total assets and ranked 221st in the '' Fort ...

(SBI) in collaboration with

Indian Railway Catering and Tourism Corporation Indian Railway Catering and Tourism Corporation (IRCTC) is an Indian public sector undertaking that provides ticketing, catering, and tourism services for the Indian Railways. It was initially wholly owned by the Government of India and operat ...

(IRCTC) launched SBI-IRCTC RuPay contactless card on 28 July 2020 to reward frequent railway travellers in India with the proposal of maximum savings during the journey period. The card uses Near Field Communication (NFC) technology and can be used by the railway travellers for benefits on retail, dining and entertainment besides transaction fee waivers.

RuPay On-the-Go

NPCI on the eve of Global Fintech Festival 2021 launched RuPay On-the-Go interoperable, open-loop contactless solution that are made available on

smartwatch A smartwatch is a wearable computer in the form of a watch; modern smartwatches provide a local touchscreen interface for daily use, while an associated smartphone app provides management and telemetry, such as long-term biomonitoring. Whil ...

and other personal electronic accessories eliminating the need to carry physical card.

NPCI Tokenisation System

In view of RBI guidelines on card payment, NPCI on 21 October 2021 launched Token Reference On File (TROF) service that will help keep RuPay card details into RuPay Network Secure Vault. This will help share unique token reference ID number instead of actual card details between customers, merchants and banks for transactions and stop

identity theft Identity theft occurs when someone uses another person's personal identifying information, like their name, identifying number, or credit card number, without their permission, to commit fraud or other crimes. The term ''identity theft'' was c ...

and hacks. On 6 December 2021, PayPhi became the first digital payment platform in the country to officially certified for RuPay Tokenisation System.

BharatQR

This is developed by

in collaboration with Mastercard, and Visa as an integrated interoperable QR code based payment system and was launched in September 2016. It facilitates users to transfer their money from one source to another without the need of physical cards. The money transferred through BharatQR is received directly in the user's linked bank account using

IMPS IMPS or Imps may refer to: * ''Imps*'', a comedy film released in 2009 * OMA Instant Messaging and Presence Service * Infinite Monkey Protocol Suite, an April Fools' Day RFC * The Oxford Imps, an improvisational comedy troupe * Insensitive muni ...

. It provides a common interface between RuPay, Mastercard, Visa,

American Express American Express Company (Amex) is an American multinational corporation, multinational corporation specialized in payment card industry, payment card services headquartered at 200 Vesey Street in the Battery Park City neighborhood of Lower Man ...

as opposed to other such individual proprietary systems. BharatQR is supported on both Android and iOS devices. Bijlipay, an end to end digital payment solutions company, is the first Indian Point-of-Sale (PoS) devices providing company to enable Bharat QR code on the screens of its POS machines. According to RBI, the Bharat QR Code is the world's first inter-operable payment acceptance solution.

Recurring Payment

RuPay Card is expected to roll out recurring payments without the two-factor authentication process for transactions of less than ₹2,000 during first quarter of 2020, as per National Payments Corporation of India (NPCI)

chief operating officer A chief operating officer or chief operations officer, also called a COO, is one of the highest-ranking executive positions in an organization, composing part of the " C-suite". The COO is usually the second-in-command at the firm, especially if ...

(COO) Praveena Rai. The technology work is going on and the entire ecosystem is gearing up for the shift.

Acceptance

India

RuPay cards are accepted at almost all ATMs across India. On 21 June 2013, NPCI launched RuPay PaySecure that enabled card holders make online payment. Till November 2020, over 1,158 banks issued 603.6 million RuPay cards.

PayPal PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers, and serves as an electronic alternative to traditional paper ...

supports the RuPay card system.

Amazon Amazon most often refers to: * Amazons, a tribe of female warriors in Greek mythology * Amazon rainforest, a rainforest covering most of the Amazon basin * Amazon River, in South America * Amazon (company), an American multinational technolog ...

accepts all RuPay debit cards, and some RuPay credit cards issued by select banks.

Apple An apple is an edible fruit produced by an apple tree (''Malus domestica''). Apple trees are cultivated worldwide and are the most widely grown species in the genus '' Malus''. The tree originated in Central Asia, where its wild ancest ...

began accepting RuPay debit and credit cards on the

App Store An App Store (or app marketplace) is a type of digital distribution platform for computer software called applications, often in a mobile context. Apps provide a specific set of functions which, by definition, do not include the running of the c ...

and

iTunes Store The iTunes Store is a digital media store operated by Apple Inc. It opened on April 28, 2003, as a result of Steve Jobs' push to open a digital marketplace for music. As of April 2020, iTunes offered 60 million songs, 2.2 million apps, 25,00 ...

in July 2021. RuPay cards are yet not accepted as a valid payment method on

Google Play Google Play, also known as the Google Play Store and formerly the Android Market, is a digital distribution service operated and developed by Google. It serves as the official app store for certified devices running on the Android operating sy ...

for making purchases in apps and games.

International

Singapore

The

Prime Minister of India The prime minister of India (IAST: ) is the head of government of the Republic of India. Executive authority is vested in the prime minister and their chosen Council of Ministers, despite the president of India being the nominal head of the ...

, launched the RuPay scheme in Singapore on 31 May 2018. The launch took place in parallel with related services offered by the

, such as UPI and

BHIM BHIM (Bharat Interface for Money) is an Indian mobile payment app developed by the National Payments Corporation of India (NPCI), based on the Unified Payments Interface (UPI). Launched on 30 December 2016, it is intended to facilitate e-pa ...

. The

, Singapore will be the first bank to issue RuPay cards in the country. RuPay users will be able to make payments at NETS terminals across Singapore. NETS users will be able to make online purchases on

e-commerce E-commerce (electronic commerce) is the activity of electronically buying or selling of products on online services or over the Internet. E-commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain manag ...

merchant websites in India using 2.8 million RuPay PoS terminals. The rollout will happen mid 2018.

Bhutan

Following Bhutanese Prime Minister Lotay Tshering's visit to India on 28 December 2018, Indian Prime Minister

announced that RuPay cards would be introduced in Bhutan. RuPay cards were officially launched in Bhutan on 17 August 2019 with Prime Minister Modi making the first RuPay transaction in the country with a purchase from

Simtokha Dzong Simtokha Dzong ('dzong' means "castle-monastery") also known as Sangak Zabdhon Phodrang ( Bhutanese language meaning: "Palace of the Profound Meaning of Secret Mantras") is a small dzong. It was built in 1629 by Zhabdrung Ngawang Namgyal, who uni ...

(RBI) and

Royal Monetary Authority of Bhutan The Royal Monetary Authority of Bhutan ( dz, བྲུག་རྒྱལ་གཞུང་དངུལ་ལས་དབང་འཛིན་) is the central bank of Bhutan and is a member of the Asian Clearing Union. It is also the minting aut ...

(RMA) announced that they would integrate the financial switches of the two countries in order to simplify cross border transactions. India will support an estimated cost of the integration work. Post-integration, RuPay card holders can use their cards across all ATMs and POS terminals in Bhutan. The RMA maintains an account with the

. Any withdrawal by a RuPay card holder in Bhutan would be settled through an instant credit into the RMA's account. The arrangement is expected to benefit both countries by minimising foreign currency outflow. Visa and MasterCard payments are settled in US dollars, while RuPay can be settled in rupees. The

Bhutanese Ngultrum The ngultrum (; dz, དངུལ་ཀྲམ , symbol: Nu., code: BTN) is the currency of the Kingdom of Bhutan. It can be literally translated as 'silver' for ''ngul'' and 'coin' for ''trum''. It is subdivided into 100 chhertum ( dz, ཕྱེ ...

is fixed at a one-to-one exchange rate with the

Indian rupee The Indian rupee ( symbol: ₹; code: INR) is the official currency in the republic of India. The rupee is subdivided into 100 '' paise'' (singular: ''paisa''), though as of 2022, coins of denomination of 1 rupee are the lowest value in use ...

making settlement easy for both countries. In addition, Bhutanese banks will issue RuPay cards that will allow Bhutanese card holders to access the RuPay network in India. On 20 November 2020,

and Prime Minister of Bhutan, Dr. Lotay Tshering jointly launched Phase-2 of RuPay Bhutan in which

Bhutan National Bank Bhutan National Bank is a commercial bank founded in 1997 and located in Thimphu, capital of the Kingdom of Bhutan. History The main events include: *1980 - the ''Unit Trust of Bhutan'' was founded by the Royal Government and the Royal In ...

will now issue RuPay-based cards allowing Bhutanese RuPay card holders to use them within Bhutan and in India.

Maldives

announced that RuPay cards would be launched in the Maldives during his address to the

People's Majlis The People's Majlis ( dv, ރައްޔިތުންގެ މަޖިލިސް; ''Rayyithunge Majilis'') is the unicameral legislative body of Maldives. The Majlis has the authority to enact, amend and revise laws, as outlined in the Constitution of ...

(the Maldivan Parliament) on 8 June 2019. Modi added that the introduction of RuPay would increase the number of Indian tourists visiting the Maldives. On 4 December 2019, Bank of Maldives (BML) partnered with National Payment Corporation of India (NPCI) to introduce RuPay Cards in Maldives. BML and NPCI signed a MoU to introduce the acceptance of RuPay cards in Maldives. BML will accept RuPay cards on the bank's ATMs, POS machine and other digital channels. BML revealed that the issuance of RuPay co-branded prepaid cards by the bank, and the acceptance of the co-branded cards across ATMs, POS machines and digital channels in India will also take place in due time.

UAE

A Memorandum of Understanding (MoU) to establish a technology interface between the payment platforms in India and UAE was exchanged between the National Payments Corporation of India and UAE's Mercury Payments Services. UAE is the first country in the Gulf where RuPay was launched.

Bahrain

An MoU on 25 August 2019 was signed between

The Benefit Company The Benefit Company (TBC) is the local switch in the Kingdom of Bahrain handling ATM and POS transactions among other services. Established in 1997 with a special license from the Central Bank of Bahrain as "Provider of Ancillary Services to ...

for handling ATM and POS transactions among others, and National Payments Corporation of India (NPCI) for launch of RuPay card in the Gulf Kingdom. As of 2021, BENEFIT is enabling its member acquirers of 515 ATMs and 40,000 PoS terminals in Bahrain to accept and recognize Issuer Identification Numbers (IIN) from NPCI International Payment Limited (NIPL).

Saudi Arabia

Indian Ministry of External Affairs (MEA) announced on 24 October 2019 that to help domestic pilgrims visiting Mecca and Madina, Prime Minister Narendra Modi will launch RuPay card in Saudi Arabia during a state visit to the gulf country on 29 October 2019. During a meeting with Majid bin Abdullah Al Qasabi on 19 September 2022, Commerce and Industry Minister

Piyush Goyal Piyush Vedprakash Goyal (born 13 June 1964) is a politician, chartered accountant and cabinet minister of the Government of India having portfolios such as Minister of Textiles, Minister of Commerce and Industry and Minister of Consumer Affa ...

discussed introduction of RuPay in the country. Operationalization of RuPay is one of the priority area in bilateral digital

Fintech Fintech, a portmanteau of "financial technology", refers to firms using new technology to compete with traditional financial methods in the delivery of financial services. Artificial intelligence, blockchain, cloud computing, and big data are r ...

collaboration.

Myanmar (Burma)

Myanmar has decided to work together with India on the launch of RuPay enabled cards at the earliest and explore the creation of a digital payment gateway, according to a joint statement issued by the President of Myanmar,

Win Myint Win Myint ( ; born 8 November 1951) is a Burmese politician who served as the tenth president of Myanmar from 2018 to 2021. He was removed from office in the 2021 Burmese coup d'état. He was the Speaker of the House of Representatives of Myan ...

on 28 February 2020.

needs to adhere to Myanmar financial regulation and laws which would not only stimulate the economy of Myanmar but further facilitate cross border tourism and business from India.

South Korea

announced on 23 August 2017 that it has signed a bilateral memorandum of understanding (MoU) for strategic network partnership with National Payments Corporation of India (NPCI). Through the MoU, the two companies have agreed to provide services allowing transactions using domestic-use-only cards issued by BC Card in India and RuPay in

South Korea South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is formed ...

. There are also plans to expand the areas of co-operation through the launch of BC Card-NPCI "co-branded" cards and development of new business models. NPCI released a circular on 8 April 2020 on acceptance of RuPay cards in South Korea.

Nepal

Nepal SBI Bank and Nepal Rastra Bank have enabled Rupay Payment Network in 14,000 POS in Nepal.

France

NIPL signed MoU with French payment company Lyra Network, that will allow Indian tourists and students make payment using RuPay on supported terminals and machines in France.

United Kingdom

All

POS terminal The point of sale (POS) or point of purchase (POP) is the time and place at which a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice f ...

s in UK under payment solution provider PayXpert will enable RuPay in partnership with NIPL.

Russia

India and Russia expressed interest in continuing dialogue on accepting RuPay and

Mir ''Mir'' (russian: Мир, ; ) was a space station that operated in low Earth orbit from 1986 to 2001, operated by the Soviet Union and later by Russia. ''Mir'' was the first modular space station and was assembled in orbit from 1986 to&n ...

within their respective national payment infrastructures. The

2022 Russian invasion of Ukraine On 24 February 2022, in a major escalation of the Russo-Ukrainian War, which began in 2014. The invasion has resulted in tens of thousands of deaths on both sides. It has caused Europe's largest refugee crisis since World War II. A ...

, removal of Russian banks from

SWIFT Swift or SWIFT most commonly refers to: * SWIFT, an international organization facilitating transactions between banks ** SWIFT code * Swift (programming language) * Swift (bird), a family of birds It may also refer to: Organizations * SWIFT, ...

and exit of Visa, Mastercard cleared path for mutual acceptance of each others’ electronic payment system. National Security Advisor

Ajit Doval Ajit Kumar Doval KC (born 20 January 1945) is a bureaucrat & spymaster, serving as the fifth and current National Security Advisor (NSA) to the Prime Minister of India, with the precedence equivalent to Cabinet Minister. He previously served as ...

visited Moscow on August 17 and 18 to discuss mutual acceptance of Mir and RuPay cards in both nations.

Oman

India proposed use and acceptance of RuPay in Oman during an India-Oman Joint Commission Meeting hosted at New Delhi on 11 May 2022. The Omani delegation led by trade minister Qais bin Mohammed al Yousef responded positively on the proposal. NPCI signed MoU with Central Bank of Oman on 4 October 2022 to connect RuPay with similar system in Oman on a reciprocal basis.

Europe

As per MoU signed on 11 October 2022, Worldline SA will enable European merchants POS terminal to accept RuPay. The initial market expansion will happen in

Belgium Belgium, ; french: Belgique ; german: Belgien officially the Kingdom of Belgium, is a country in Northwestern Europe. The country is bordered by the Netherlands to the north, Germany to the east, Luxembourg to the southeast, France to ...

, the

Netherlands ) , anthem = ( en, "William of Nassau") , image_map = , map_caption = , subdivision_type = Sovereign state , subdivision_name = Kingdom of the Netherlands , established_title = Before independence , established_date = Spanish Netherl ...

Luxembourg Luxembourg ( ; lb, Lëtzebuerg ; french: link=no, Luxembourg; german: link=no, Luxemburg), officially the Grand Duchy of Luxembourg, ; french: link=no, Grand-Duché de Luxembourg ; german: link=no, Großherzogtum Luxemburg is a small lan ...

and

Switzerland ). Swiss law does not designate a ''capital'' as such, but the federal parliament and government are installed in Bern, while other federal institutions, such as the federal courts, are in other cities (Bellinzona, Lausanne, Luzern, Neuchâtel ...

Future markets

Australia

On Indian Prime Minister's virtual meet with Australian Prime Minister on 4 June 2020, both the countries are exploring the possibility to launch Indian RuPay Card in Australia.

Philippines

Under the aegis of the

, NPCI started discussion on infrastructure development for digital payment,

financial inclusion Financial inclusion is defined as the availability and equality of opportunities to access financial services. It refers to a process by which individuals and businesses can access appropriate, affordable, and timely financial products and service ...

and Direct Benefit Transfer. NPCI also proposed RuPay as an alternative to Mastercard and Visa in Philippines to improve cross border bilateral trade and tourism.

Market share

RuPay's parent organisation, the National Payments Corporation of India (NPCI), has been backed by 10 leading banks. Of these are 6 public-sector banks:

, Punjab National Bank,

, Union Bank of India, and Bank of India; 2 private-sector banks:

and

; and 2 foreign banks:

Citibank Citibank, N. A. (N. A. stands for " National Association") is the primary U.S. banking subsidiary of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City ...

and

HSBC HSBC Holdings plc is a British multinational universal bank and financial services holding company. It is the largest bank in Europe by total assets ahead of BNP Paribas, with US$2.953 trillion as of December 2021. In 2021, HSBC had $10.8 tr ...

. Banks in India are authorised to issue RuPay debit cards to their customers for use at ATMs, PoS terminals, and e-commerce websites. RuPay's market share rose from 0.6% in 2013 to 50% by November 2018. A total of 628.41 million RuPay cards had been issued across all categories including prepaid, debit, credit, and commercial cards as of February 2021. RuPay initially charged transaction processing fees that are approximately 23% lower than those charged by Visa and Mastercard. The NPCI charged a flat-fee per transaction of 60 paise from acquiring bank and 30 paise from the card issuing bank. For example, if a customer made a transaction with their RuPay card at a POS terminal operated by another bank, then the customer's bank (the bank that issued the card) would pay 30 paise to the NPCI while the bank that operates the POS terminal (the acquiring bank) would pay 60 paise to the NPCI. All

(MDR) charges were eliminated for RuPay transactions from 1 January 2020. RuPay surpassed Visa as the largest payment card network in India by number of transactions in June 2017, recording 375 million (37.5 Crores) transactions. According to

data released in May 2019, 112.7 Crore transactions (1.127 billion) valued at ₹1.174 Lakh Crores (US$17 billion) were made on RuPay cards during the 2018–19 fiscal year. RuPay held 58% of the market share by number of cards issued, 30% by number of point of sale transactions, and 25% by number of online transactions from around 11% two years ago. RuPay reported 100 Crore (1 billion) transactions through both online and offline merchant payment modes in financial year 2019, a nearly 70% jump compared to the 667 million (66.7 Crore) transactions in financial year 2018, according to data sourced from the

and the

. In terms of value, RuPay cards noted a rise of 80% in FY ’19, beating overall debit card payments which grew 30% compared to the previous fiscal year. NPCI issued 59.1 Crore (591 million) RuPay cards till December 2019 of which 22.9 Crore (229 million) cards were used for ATM transactions and 10 Crore (100 million) on PoS terminals. RuPay card usage for both ATM and PoS transaction is topped by

Maharashtra Maharashtra (; , abbr. MH or Maha) is a state in the western peninsular region of India occupying a substantial portion of the Deccan Plateau. Maharashtra is the second-most populous state in India and the second-most populous country subdi ...

for the year 2019. During

COVID-19 pandemic The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identi ...

, consumer usage of RuPay platform in India was hovering at 87% to 98% by spending volume above its foreign competitors Mastercard and Visa, which were at 70% to 86% due to reduction in discretionary spending as of March 2020. As of November 2020, more than 60 crore (600 million) RuPay cards were issued by the banks in India. RuPay was appointed as an official partner of the

Indian Premier League The Indian Premier League (IPL), also known as TATA IPL for sponsorship reasons, is a men's T20 franchise cricket league of India. It is annually contested by ten teams based out of seven Indian cities and three Indian states. The leagu ...

by the

Board of Control for Cricket in India The Board of Control for Cricket in India (BCCI) is the national governing body for cricket in India. Its headquarters are situated at Cricket centre, Wankhede Stadium in Mumbai. The BCCI is the richest governing body of cricket in the worl ...

in a multi-year partnership beginning from the 2022 season.

Jan Dhan Yojana

RuPay cards got a major boost through the Pradhan Mantri Jan Dhan Yojana through which they were issued to Jan Dhan account holders. By June 2018, 24.2 crore (242 million) RuPay debit cards were issued under the Jan Dhan Yojana compared with the 925 million debit cards issued by the banking industry during the same period. By January 2020, 76% of all Jan Dhan account holders held RuPay debit cards. As of 10 March 2021, a total of 308.5 million RuPay debit cards had been issued to Jan Dhan account holders. Due to Digital India initiative and JAM trinity, the number of RuPay card in 2016 was less than half at 23 crore (230 million) which later surged to 56 Crores (560 million) as of November 2018. In 2013 ATM transactions constituted 90% of the total number and 95% of the total value. In 2018, PoS transactions have expanded to cover 30% of the total number and 10% of the total value of debit card transactions.

Initiative for farmers

Rupay Card Issued by Uttar Bihar Gramin Bank

RuPay also provides a unified "Kisan card", issued by banks across the country as the

Kisan Credit Card The ''Kisan Credit Card'' (KCC) scheme is a credit scheme introduced in August 1998 by Indian public sector banks to issue kisan credit card to the farmers of India. This model scheme was prepared by the National Bank for Agriculture and Rural ...

, enabling farmers to transact business on ATMs and PoS terminals. PUNGRAIN (Punjab Grains Procurement Corporation Ltd) pays commission agents through the RuPay Debit Card and developed a commission agent network called the Kisan Arhtia Information and Remittance Online Network (KAIRON) with the help of the National Payments Corporation of India. Kotak Mahindra Bank, in partnership with RuPay, rolled out an initiative for financial inclusion, where the dairy farmers across 75 cooperative societies of

Amul Anand Milk Union Limited (AMUL) is an Indian dairy state government cooperative society, based in Anand, Gujarat. Formed in 1946, it is a cooperative brand managed by Gujarat Cooperative Milk Marketing Federation Ltd. (GCMMF), which today is ...

in regions of

Burdwan Bardhaman (, ) is a city and a municipality in the state of West Bengal, India. It is the headquarters of Purba Bardhaman district, having become a district capital during the period of British rule. Burdwan, an alternative name for the city, ...

and Hooghly of

West Bengal West Bengal (, Bengali: ''Poshchim Bongo'', , abbr. WB) is a state in the eastern portion of India. It is situated along the Bay of Bengal, along with a population of over 91 million inhabitants within an area of . West Bengal is the fou ...

will be able to get their payments directly into their accounts on the same day as the sale of their milk. The same model is planned to be adopted in the state of

Gujarat Gujarat (, ) is a state along the western coast of India. Its coastline of about is the longest in the country, most of which lies on the Kathiawar peninsula. Gujarat is the fifth-largest Indian state by area, covering some ; and the ninth ...

where 1,200 cooperative societies comprising over 3

lakh A lakh (; abbreviated L; sometimes written lac) is a unit in the Indian numbering system equal to one hundred thousand (100,000; scientific notation: 105). In the Indian 2,2,3 convention of digit grouping, it is written as 1,00,000. For e ...

dairy farmers will be the part of the programme. In 2017 post demonetisation, the

government A government is the system or group of people governing an organized community, generally a state. In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government i ...

decided that NABARD will co-ordinate the conversion of operative/live Kisaan Credit Cards into RuPay ATM cum Debit Kisaan Credit Cards by Cooperative Banks and Regional Rural Banks on priority.

References

External links

NPCI
{{Authority control Financial services companies established in 2014 Banking in India Credit card issuer associations Debit card issuer associations Interbank networks in India Payment and settlement systems in India Credit cards in India