Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Technology
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Visual Stories
  • Reviews
  • Phone Reviews
  • Fitness Bands Reviews
  • Speakers Reviews
  • Find Cricket Statistics
Hindi
More
In the news
Twitter
Cryptocurrency
Sensex
Inflation
Stock Market
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Technology
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Visual Stories
Reviews
Phone Reviews
Fitness Bands Reviews
Speakers Reviews
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / Business News / Expect RuPay credit cards by Jul 2016
Business

Expect RuPay credit cards by Jul 2016

Expect RuPay credit cards by Jul 2016
Written by Sripriya Yegneswaran
Edited by Achin Garg
Feb 15, 2016, 11:55 am 3 min read
Expect RuPay credit cards by Jul 2016
Credits:

The National Payment Corporation of India (NPCI) is planning to launch RuPay credit cards by July 2016. There are about 241 million RuPay debit cards already in service which account for 35% of the total card base in the country. According to NPCI chairman, M. Balachandran, China Union Pay (CUP) and Japan Credit Bureau (JCB) cards will also be accepted in India starting Sept'16.

Dec 2008
NPCI introduced to help the common man

National Payments Corporation of India (NPCI) was incorporated in December 2008. It was issued Certificate of Commencement of Business in April 2009. NPCI was set up to be a hub for all electronic retail payment systems. Its other objective was to promote an affordable payment mechanism to facilitate the common man and bring in financial inclusion.

26 Mar 2012
RuPay born to challenge Visa and Master Card

India launched its very own card payment gateway RuPay, which would compete with the likes of Visa and Master Card and provide an alternative system for banks to provide a debit card service. RuPay would help in building a payment network in rural areas. 200,000 RuPay debit cards has been issued and the NPCI had plans to issue 10 million cards by March 2013.

Definition
What does RuPay stand for?

RuPay is the portmanteau (or linguistic blend) of two terms Rupee and Payment. It is the seventh such payment gateway in the world.

28 Aug 2014
RuPay finds validation under Jana Dhan Yojna

Modi took the RuPay a step closer to global acceptance by making it a part of the Jan-Dhan Yojna launched on 28 March 2014. Under this scheme, banks would give every account holder a 'RuPay' debit card with an inbuilt Rs. 1 lakh accident insurance cover. This paved the way for the reach of debit cards to the poor and rural population of India.

24 Mar 2015
Railways goes the RuPay way

The Indian Railway Catering and Tourism Corporation (IRCTC) launched RuPay pre-paid debit card service in collaboration with the National Payment Corporation of India and the Union Bank of India This would allow railway passengers to book their tickets, shop and pay service bills using these pre-paid cards. The railway minister Suresh Prabhu said it was "a union with your bank for customers' interest".

Similar in countries
China's version of RuPay

China has its own national card service called China Union Pay (CUP) with a card base of 1.8 million and is accepted in 26 countries across the world.

18 Jun 2015
RuPay credit cards coming soon

The National Payment Corporation of India (NPCI) has decided to launch India's very own credit card payment system - RuPay from next year. The NPCI has grown from 2 million transactions a day to 20 million transactions now, in a span of 5 years. 160 million people have already been issued RuPay and by 2020 the NPCI aims to reach every Indian.

16 Dec 2015
RuPay gives tough competition to Visa and MasterCard

RuPay cards have gained a market share of 35% against 28% for MasterCard in the electronic card space in India. However, half of the RuPay cards have not been used. MasterCard alleged that there is an unsaid mandate by the government to issue RuPay card in the Jan Dhan Yojana, which has affected the level-playing field and restricted opportunities for them, despite being cheaper.

Personal
Electronic channel still forms meager portion

According to estimates, there are 622 million cards in India, but just 3% of the $1.5 trillion total payment flows in India are through electronic modes, implying a huge potential of growth for all players.

Share this timeline
Facebook
Whatsapp
Twitter
Linkedin
Sripriya Yegneswaran
Sripriya Yegneswaran
Mail
#TaskMaster #KnowsItAll
Achin Garg
Achin Garg
Mail
Latest
Latest
New-generation Toyota Innova to debut in India around Diwali
New-generation Toyota Innova to debut in India around Diwali Auto
5 famous Bollywood actors who have faced financial crisis
5 famous Bollywood actors who have faced financial crisis Entertainment
World Hypertension Day 2022: Definition, types, and prevention
World Hypertension Day 2022: Definition, types, and prevention Lifestyle
5 underrated romantic comedies to watch on Netflix
5 underrated romantic comedies to watch on Netflix Entertainment
OPPO Reno8 series to be launched on May 23
OPPO Reno8 series to be launched on May 23 Technology
Next News Article
Next News Article

Love Business news?

Subscribe to stay updated.

Business Thumbnail
India News Business News World News Politics News Sports News Technology News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Mukesh Ambani Indian Premier League (IPL) Karnataka Samsung Xiaomi West Bengal
Bihar Virat Kohli Rohit Sharma Haryana Narendra Modi Arvind Kejriwal Tamil Nadu Gujarat Yogi Adityanath YouTube
Instagram Hollywood News Uttar Pradesh Kerala Netflix Bollywood News Mamata Banerjee Maruti Suzuki Rahul Gandhi Elon Musk
Shah Rukh Khan Chelsea FC OPPO Akhilesh Yadav Indian Cricket Team Apple Manchester United Salman Khan Cryptocurrency OnePlus
Amitabh Bachchan ICC Women's World Cup Vivo India vs Sri Lanka
About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive IPL 2022 Schedule IPL 2022 Points Table Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2022