Rupay is a newly introduced Indian domestic cards system conceived by the National Payments Corporation of India is meant for all the automated teller machines (ATMs) and most of the retail platforms.
An indigenous system like RuPay is expected to reduce the vulnerability of people on cash and cheque modes of settlement but will also enable to provide the uses with production requirements.
The domestic economy provides innumerable possibilities for cards penetration. RuPay Cards will act for the needs of Indian consumers and service providers. The advantages of RuPay debit card are the flexibility of the product platform, high levels of acceptance and the strength of the RuPay brand which together contributes to an increased product experience.
Rupay cards are welcomed by almost all automated teller machines (ATMs) across India under National Financial Switch, and under the NPCI's agreement with DFS, RuPay cards are accepted on the international Discover network. With reference to the data published by National Payments Corporation of India, there are around 145,270 ATMs and more than 875,000 point of sale (PoS) terminals in India under the RuPay platform. Other than the ATMs and PoS terminals, RuPay cards are welcomed online on 10,000 e-commerce websites with the unique PIN which they use for ATM operations.
The advantages proclaimed by NPCI are:-
1. Lower cost and affordability
2. Customized product offering
3. Protection of information related to Indian consumers
4. Provide electronic product options to untapped/unexplored consumer segment
5. Inter-operability between payment channels and products
RuPay card is uniquely positioned to offer complete inter-operability between various payments channels and products. NPCI currently offers varied solutions across platforms including ATMs, mobile technology, cheques etc and is extremely well placed in nurturing RuPay cards.
It is compulsory for every customer to be registered with PaySecure to be a part of RuPay E-commerce services.
Consumers will be authorized by their issuing bank using methods like OTP (One Time Password)/net banking credentials or challenge questions etc. or any other methods defined by the issuer bank for the prime successful transaction. The customer will have to complete one successful transaction to avail the registration. The customer will now be notified about the successful transaction on submitting a valid PIN.
The user is expected to select an image and enter a phrase to register his/her RuPay card for online usage during his first transaction on e-commerce website.
In the following transactions, the user will have to recognize the correct registered image in order to get primary validation and acknowledge the phrase along with last three online operations. This is an anti-phishing measure.
Subsequently the image and phrase become prime validating factors. In case the user forgets or exceeds the number of attempts for image selection they will need to wait till next business day or contact the customer services with the registered information for card to be unblocked or re-register to enter new phrase and select a new image. President Pranab Mukherjee dedicated indigenous card payment network called RuPay to the nation taking on the global players like Visa and MasterCard.
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