RuPay

Not to be confused with Rupee.

RuPay
RuPay
Product type
OwnerNational Payments Corporation of India
CountryIndia
Introduced26 March 2012; 12 years ago (2012-03-26)
TaglineONE LIFE. ONE RuPay.
Websiterupay.co.in

RuPay (portmanteau of Rupee and Payment) is an Indian multinational financial services and payment service system, conceived and owned by the National Payments Corporation of India (NPCI). It was launched in 2012, to fulfil the Reserve Bank of India's (RBI) vision of establishing a domestic, open and multilateral system of payments.[1][2][3] RuPay facilitates electronic payments at almost all Indian banks and financial institutions.[4] NPCI has partnered with Discover Financial and JCB to help the RuPay network gain international acceptance.[5][6]

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 transactions done using Rupay debit cards from 1 January 2020. All Indian companies with an annual turnover exceeding ₹50 crore (US$6.0 million) are required to offer RuPay debit card and Unified Payments Interface as a payment option to their customers.[8][9]

  1. ^ "Rupay international website". Rupay. Archived from the original on 2 December 2020. Retrieved 23 December 2020.
  2. ^ "NPCI's RuPay debit cards to rival Visa and Mastercard". The Economic Times. 27 March 2012. Archived from the original on 25 July 2019. Retrieved 25 July 2019.
  3. ^ "RuPay – Indigenous Payment Cards launched by NPCI for all Indian banks". Rupay. Archived from the original on 12 August 2020. Retrieved 11 September 2020.
  4. ^ "Finally, India card Rupay to replace Visa, MasterCard". The Times of India. Archived from the original on 24 January 2016. Retrieved 3 September 2019.
  5. ^ "Discover Financial Services And National Payment Corporation Of India Announce Strategic Alliance Enabling Increased Network Acceptance". Discover Financial. Archived from the original on 5 January 2018. Retrieved 3 September 2019.
  6. ^ "First JCB card issued in India with NPCI partnership". FinTech Futures. 24 July 2019. Archived from the original on 24 July 2019. Retrieved 25 July 2019.
  7. ^ "RuPay's market share tops 60% in total cards issued, says RBI report". Business Standard. 28 January 2021. Archived from the original on 27 January 2021. Retrieved 28 January 2021.
  8. ^ Sharma, Devansh; Nandi, Shreya (28 December 2019). "No MDR charges applicable on payment via RuPay, UPI from 1 Jan: Sitharaman". Mint. Archived from the original on 19 November 2021. Retrieved 19 November 2021.
  9. ^ Goyal, Ankur (30 December 2019). "Notification No.105/2019/F. No. 370142/35/2019-TPL" (PDF). Income Tax Department. Archived (PDF) from the original on 17 May 2020. Retrieved 8 September 2024.