President Pranab Mukherjee on May 2014 dedicated to the nation indigenous card payment network called RuPay taking on the global players like Visa and Master Card. The new payment network developed by the National Payments Corporation of India (NPCI), a not-for-profit company envisioned by the Reserve Bank of India (RBI) and created by the banking industry, covers all the Automated Teller Machines (ATMs) and most of the retail and e-commerce platforms.
RuPay is the coinage of two terms Rupee and Payment. With the launch of new
system, India has now ranked among the “few countries in the world to have such
a network built domestically to meet the card-based payment system needs of the
country.” RuPay cards are accepted at all ATMs, more than 90 per cent of ‘Point
of Sale’ (POS) terminals and more than 10,000 e-commerce merchants across the
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