National Payment Corporation of India (NPCI) promoted by RBI on 26 March 2012 launched an Indian payment gateway system as an alternate solution to Mastercard and Visa which are widely used across the world and have dominance even in India.
As of now RuPay debit card has been issued. Processing of RuPay card is done by the payment gateway company CCAvenue which powers more than 80% of eCommerce merchants in the country. Card issuing banks will have to pay fees for every transaction to the company which will setup machines and thus generate revenues.
RuPay Card Advantages
Accepted at around 1,45,270 ATMs
Acceptance by over 8,75,000 point-of-sale (PoS) terminals
Over 10,000 E-commerce sites have added RuPay is one of the payment method. For e.g. flipkart.com, homeshop18.com and amazon.in and all other now accept this card.
Accepted at around 1.8 lakh merchant terminals in India out of the current 8 lakhs
Transaction fee charged to the merchant is 0.01%
Transaction limit is very high. Of course this will vary from bank to bank
Customers will get SMS alert for every transaction done through their card