'RUPAY CARD' replaces Master/Visa Card

                           India Inc. has added another feather in its cap as after a gap of two years of planning, the National Payments Corporation has at last finalized the launch of its own payment card “Rupay Card”. The card will be an indigenous replacement for Master and Visa card.

                           To date domestic banks have no option but to tie up with Visa or Master card for connectivity between card holders, merchants and  issuing banks not just within the country but across the globe in the absence of domestic card. Every transaction done using a debit or credit card issued by a domestic bank is routed through server network owned by Visa or Master Card, based outside the country. They charge hugely to provide these services. In the year 2010, domestic banks paid more than Rs.500 crore in total as fee to these firms for processing all debit and credit card transactions.

                           The Rupay Card will be initially launching as domestic ATM/debit card followed by international credit card later on. The commercial launch is expected in few months. Ernst & Young financial consultancy firm will develop and roll out the complete architecture, including the logo, card design and software for the “RUPAY CARD”. Really a great news for us.

Surjeet Singh

http://3gserviceindia.com/