Mumbai: The much talked about India's 'Rupay' cards are here and it may not be long before it replaces the logos of Visa and Mastercard. Rupay or Rupee Pay is the new card payment scheme launched by the National Payment Corporation of India (NPCI), a company started three years back by ten banks, to oversee all retail payment systems in the country.
Currently, all card payments are routed through Visa or Mastercard which process these transactions outside of the country. But this may not be the case in the future.
NPCI's CEO AP Hota said, "There should be something domestic. Why should the banks in India have to pay such a high price to Mastercard and Visa?"
Currently, banks pay around Rs 300 crores every year to Visa and Mastercard for processing all debit and credit card payments. NPCI says Rupay will reduce the cost for both banks and customers.
NPCI says it will be a while before the commercial banks start issuing Rupay debit cards as most of them already have tie-ups with global banks. Besides, regulator favours competition in this segment and so unlike the Chinese, India may not make it mandatory.