Our own payment gateway ‘RuPay’ is launched

India launched its own payment gateway ‘RuPay‘, It`s equivalent of Visa and Mastercard, which will work on ATMs and merchant outlets and help in reducing cash transactions.

President Pranab Mukherjee unveiled the indigenous card at a function in Rashtrapati Bhavan.

Dedicating it to the nation, Mukherjee said India is one of the few countries in the world to have its own card payment gateway.

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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.

RuPay, which works on three channels — ATMs, Point of Sales (POS) and online sales, is the seventh such payment gateway in the world.

A variant of pre-paid RuPay card would shortly be launched by IRCTC, which will help in booking railway tickets.

RuPay will not only reduce dependence on cash, but will offer users diverse set of payment option within the country

Read more at: The Economic Times
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“Google India” has been fined Rs 1 crore

Google’s failure to provide complete information in response to seven notices sent by the investigation arm of Competition Commission of India (CCI) resulted in its decision to impose Rs 1 crore penalty on the internet major.

While deciding to impose the fine, the fair trade watchdog CCI said that Google Inc and Google India Private Ltd failed to comply fully with various notices issued by the Director General (DG) on various occasions.

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DG, the investigation arm of the fair trade regulator, is probing alleged anti-competitive practices by Google in the Indian market.

“Despite reminders and opportunities extended by the DG, the opposite parties advanced frivolous and vexatious pleas to delay and avoid compliance. It may be noted that the period of failure to comply commenced w.e.f. 26.02.2013 in terms of the first notice of the DG dated 12.02.2013 whereby the opposite parties were directed to comply with the requisitions contained therein before said date,” CCI said in its order made public.

 

Source: http://timesofindia.indiatimes.com/