India Formally Launches RuPay
May 12, 2014
On Thursday, the President of India formally launched RuPay, a new card network indigenous to the country and backed by the Reserve Bank of India and a consortium of Indian banks. The network has been testing and seen growing use for more than two years. At the time of the official launch ceremony, RuPay cards are able to be used at every ATM in India and at the POS of 90 percent of the country’s merchants. E-commerce capability was only added last summer , and 10,000 Indian Websites currently accept RuPay payments.
“Dedication of RuPay to the nation is symbolic of the maturity of the payment system development in India,” President Pranab Mukherjee said after formally launching the card at an event at Rashtrapati Bhavan, the president of India’s official residence.
The National Payments Corporation of India, the industry group tasked with managing and growing the network, envisions a network that eventually will compete internationally with Visa and MasterCard. NPCI already is exploring partnerships with Discover in the U.S. and JCB in Japan that would enable RuPay card use in other countries.
As of Thursday’s launch, more than 17 million cards had been issued with 3 million being added each month. RuPay joins Visa, MasterCard, American Express, Discover, Diners Club, and JCB as the only other card-based payment networks in the world.