INDIA's OWN PAYMENT GATEWAY

India’s own card payment network ‘RuPay' dedicated by President Pranab Mukherjee to the nation in a function at Rashtrapati Bhavan on 8 May 2014. It is being used by certain banks like ICICI, State Bank of India, Punjab National Bank, among others, for clearing and settlement. RuPay 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.

The public sector banks have already installed 25,331 RuPay cards enabled ATMS and 9,000 more ATMs would be installed soon.  The RuPay card is accepted at all ATMs (1.6 lakh plus), 95 per cent of PoS terminals (9.45 lakh plus) and most of the eCom merchants (about 10,000) in the country.

(Originally posted on 14 May 2014 as Facebook note)

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