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.
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.
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