RuPay Debit Card - India’s Own Card launched.

On 26/03/2012, India's own Card. 'Rupay', was launched.

The top 5 features of the launch are : -

1. Rupay payment network was inaugurated by Shri G. Padmanabhan, Executive Director, Reserve Bank of India.
2. Rupay Debit Card launched
3. Rupay Prepaid Card launched
4. Rupay Credit Card to be launched soon.
5. Rupay Debit Card to be accepted at 91,000+ ATM's and 6,00,000+ POS terminals all Pan-India.
6. Bank of India and Union Bank of India, are the first Banks' to offer Rupay Debit Cards to their account holders.
7. POS terminals of Axis Bank, Bank of Baroda, Corporation Bank and State Bank of India, will accept Rupay Debit \ Pre-paid Cards in the initial phase.
8. No initial participation fee and quarterly minimum processing fees. This would encourage Regional Rural Banks, Co-operative Banks and smaller commercial banks to offer ePayments to their account holders.

At present 26.80 crs debit cards have been issued by Indian Banks and in the near future, this number will go up, with more account holders opting for ePayments.

Now, with 'Rupay' in the field, the transaction costs for Banks are expected to go down substantially, Banks will be able to encourage ePayments.