RuPay, a new card payment scheme launched by the National Payments Corporation of India (NPCI), has been conceived to fulfill RBI’s vision to offer a domestic, open-loop, multilateral system which will allow all Indian banks and financial institutions in India to participate in electronic payments.
“RuPay”, the word itself has a sense of nationality in it. “RuPay” is the coinage of two terms Rupee and Payment.
The RuPay Visual Identity is a modern and dynamic unit. The orange and green arrows indicate a nation on the move and a service that matches its pace. The color blue stands for the feeling of tranquility which is the people must get while owning a card of the brand ‘RuPay’. The bold and unique typeface grants solidity to the whole unit and symbolizes a stable entity.
Points to Remember:
- RuPay is the Indian domestic card payment network.
- The RuPay payment network set up by National Payments Corporation of India (NPCI) at the behest of banks in India.
- The RuPay project had been conceived by Indian Banks Association and had the approval of Reserve Bank of India.
- The main objective of RuPay project is to reduce overall transaction cost for the banks in India by introducing competition to international card schemes.
- NPCI has plan to provide full range of credit service like RuPay ATM, RuPay MicroATM, Debit, Prepaid and Credit Cards which will be accepted across various channel POS, Internet, IVR, Mobile etc.
- All state-owned banks are expected to join the RuPay system by the end of this year.
- RuPay-based debit cards can be used by the consumers on the Internet from September, 2012.