RuPay card launched in UAE

 

The RuPay card was officially launched in the UAE. UAE is the first country in the Gulf where Indian RuPay card has been launched.

 

RuPay card

RuPay is first-of-its-kind India’s domestic Debit and Credit Card payment network, with wide acceptance at ATMs, POS devices and e-commerce websites across India.

• It is a highly secure network that protects against cyber hacks and is India’s version of Master Card and Visa.
• It has been developed to offer secure, user-friendly and cost-effective solutions to facilitate low-value payments and build a cashless transaction environment.
• RuPay has also tied-up with international players like Discover, Japan Credit Bureau and China Union Pay to enhance its international acceptance and recently achieved a milestone of issuing 25 million RuPay – Discover global cards.
• National Payments Corporation of India, which manages the RuPay card network in the country issues RuPay Global cards that run on the Discover Network when used outside India.

 

National Payments Corporation of India

• NPCI is an umbrella organisation for operating retail payments and settlement systems in India.
• It is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.
• NPCI has been incorporated as a “Not for Profit” Company under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013).
• Its intention is to provide infrastructure to the entire Banking system in India for physical as well as electronic payment and settlement systems.

 

Source: ET

 

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