Saturday, 26 March 2011

RUPAY-- Alternative to VISA & MaterCard

National Payments Corporation will launch India's very own payment card "RUPAY".

Some data on it:

Name: RUPAY (earlier "IndiaPay")

Conceptualized by: Indian Banks Association (IBA) on instance by Reserve Bank of India (RBI)

Designed By : Ernst & Young

Logo By: Ernst & Young

Number of participating Banks: Ten (10)
All done through: NPCI National Payments Corporation of India

NPCI setup in : 2009
All 6 Public sector Banks, 2 Private Banks & 2 Foreign banks own stakes in this.

Amount paid to international cards in 2010 : INR 5 Billion (500 Crore)
Percentage of domestic transactions : 90%

Debit card transactions in January 2011: INR 37.12 Billion (3712 Crore)
Credit card transactions in January 2011: INR 69.35 Billion (6935 Crore)

Leverage : National Financial Switch