RuPay
Indian multinational card payment service / From Wikipedia, the free encyclopedia
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) in 2012.[1][2][3] It was created to fulfil the Reserve Bank of India's (RBI) vision of establishing a domestic, open and multilateral system of payments. RuPay facilitates electronic payment at all Indian banks and financial institutions.[4] NPCI maintains ties with Discover Financial and JCB to enable the RuPay Card scheme to gain international acceptance.[5][6]
Product type | |
---|---|
Owner | National Payments Corporation of India |
Country | India |
Introduced | 26 March 2012; 12 years ago (2012-03-26) |
Tagline | ONE LIFE. ONE RuPay. |
Website | rupay.co.in |
As of November 2020, around 75.3 crores (750.3 million) RuPay cards have been issued by nearly 1,158 banks.[7] All merchant discount rate (MDR) charges were eliminated for RuPay transactions from 1 January 2020. All Indian companies with an annual turnover exceeding ₹50 crore (US$6.0 million) are required to offer RuPay Payment options to their customers.[8]