Study Notes on RuPay Card System

What is RuPay CARD SYSTEM:
1). RuPay is an Indian domestic card scheme launched by National Payments Corporation of India (NPCI)
2). NPCI – Managing Director & CEO – A. P. Hota
3). RuPay enables the electronic payments at all Indian banks and financial institutions
4). It was initially conceived as the IndiaPay scheme by NPCI to compete with the MasterCard and Visa card schemes
5). It was later renamed as RuPay scheme to avoid name conflicts with other financial institutions
6). It was created to enable the RBI’s desire to have a domestic, open loop and multilateral system of payments in India
7). The RuPay card was launched on 26th March 2012
8). RuPay was dedicated to India by President Pranab Mukherjee at Rashtrapati Bhavan, New Delhi on 8th May 2014
9). All banks of India are authorized to issue RuPay debit cards to their customers for usage at
· ATMs
· Point of Sale (PoS) terminals
· E-commerce websites
10). About 240 banks including all major public sector banks and 200 cooperative and rural banks issued RuPay cards to promote financial inclusion
11). RuPay cards are accepted at all the ATMs across India under National Financial Switch
12). Details of ATMs, PoS and e-commerce websites are as follows
· ATMs – 145,270
· PoS terminals – 875,000
· E-commerce websites – 10,000
13). NPCI entered into partnership with Discover Financial Services(DFS) for enabling the acceptance of RuPay globally as RuPay Global Cards on DFS’s payment network outside India
14). RuPay chip cards launched by NPCI for high security transactions have an embedded microprocessor circuit containing information about the card holder
15). RuPay chip cards use EMV(Europay, Mastercard, Visa) chip technology
16). RuPay enables the banks to issue a unified Kisan Card for farmers under the Kisan Credit Card scheme
17). The Punjab Grains Procurement Corporation Ltd.(PUNGRAIN) pays the commission agents through the RuPAy Debit Card
18). 75 cooperative societies of AMUL in regions of Burdwan and Hooghly of West Bengal were enabled to get their payments directly into their bank accounts on the same day of sale of milk through an initiative taken by the Kotak Mahindra Bank in partnership with RuPay