RuPay is the first-of-its-kind domestic Debit and Credit Card payment network of India, with wide acceptance at ATMs, POS devices and e-commerce websites across India. It is a highly secure network that protects against anti-phishing. The name, derived from the words ‘Rupee and ‘Payment’, emphasises that it is India’s very own initiative for Debit and Credit Card payments. It is our answer to international payment networks, expressing pride over our nationality.
RuPay fulfils RBI’s vision of initiating a ‘less cash’ economy. This could be achieved only by encouraging every Indian bank and financial institution to become tech-savvy and engage in offering electronic payments.
RuPay – a product of National Payments Corporation of India (NPCI)
RuPay is a product of NPCI, the umbrella organisation that powers retail payments in the country. The provision under the Payment and Settlement Systems Act, 2007, empowered the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) to create a secure electronic payment and settlement system in India.
The nature of NPCI’s initiatives and objectives includes it under the “Not for Profit Company” under the provisions of Section 25 of the Companies Act 1956 and more recently under the Section 8 of the Companies Act 2013. This was an initiative to build the necessary banking infrastructure required to propel India towards a ‘less cash’ economy. NPCI recognises the need for tech-driven innovations in the retail payments system to drive operational efficiencies among a larger Indian audience.