ago 2012 03 26 area served india website rupay rupay is an indian domestic card scheme conceived and launched by the national payments corporation of india npci . 1 it was created to fulfil the reserve bank of india s desire to have a domestic open loop and multilateral system of payments in india . rupay facilitates electronic payment at all indian banks and financial institutions and competes with mastercard and visa in india . 2 npci maintains ties with discover financial to enable the card scheme to gain international acceptance . 3 4 contents 1 background 2 acceptance 3 backing 4 issuers 5 jan dhan yojana 6 rupay emv 7 market share 8 rupay for farmers 9 see also 10 references 11 external links background edit the indiapay scheme was conceived by the national payments corporation of india as an alternative to the mastercard and visa card schemes 2 5 and to consolidate and integrate various payment systems in india . it was renamed to rupay to avoid naming conflicts with other financial institutions using the same name . 6 rupay is a portmanteau of the words rupee and payment . 7 the colors used in the logo are an allusion to the tricolor national flag . the rupay card was launched on 26 march 2012 . npci entered into a strategic partnership with discover financial services dfs for rupay card enabling the acceptance of rupay global cards on discover s global payment network outside of india . 8 9 10 on 8 may 2014 rupay has been dedicated to india by president of india pranab mukherjee at rashtrapati bhavan new delhi . 11 12 13 14 15 acceptance edit rupay cards are accepted at 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 . 16 according 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 . in addition to the atms and pos terminals rupay cards are accepted online on 10 000 e commerce websites . 17 with the same pin which they use for atm transactions . 18 19 20 21 rupay cards are accepted at all pos terminals in india . to enable this rupay has certified 29 major banks in india to accept the rupay card at their respective pos terminals located at different merchant locations . 22 backing edit rupay s parent organization national payments corporation of india has been backed by 10 leading banks of which 6 are public sector banks namely state bank of india bank of baroda punjab national bank canara bank union bank of india and bank of india ; 2 private sector banks icici bank and hdfc bank with 2 foreign banks namely citi bank and hsbc . 23 issuers edit a sample of rupay debit card banks in india are authorized to issue rupay debit cards to their customers for use at atms pos terminals and e commerce websites . about 240 banks including all major public sector banks currently issue rupay cards to their customers 24 and about 25 million cards have been issued as of march 2014 . 25 rupay cards are also issued at about 200 cooperative and rural banks to promote financial inclusion . 24 jan dhan yojana edit rupay cards got a major boost through the pradhan mantri jan dhan yojana as rupay cards were issued to all jan dhan accounts . in spite of the critics saying most accounts are dormant rupay cards are now widely used by jan dhan card holders . until march 2016 178 million rupay debit cards were issued under the jan dhan yojana against 662 million debit cards issued by the banking industry . the npci held consultations with small finance bank licensees on the use of rupay cards and is set to emerge as the dominant debit card with small finance banks . 26 rupay emv edit npci has rolled out its chip card for high security transactions using emv europay mastercard and visa chip technology which is a global standard for debit and credit cards . rupay chip cards have an embedded microprocessor circuit containing information about the card holder and because transactions are pin based rather than signature based . 27 market share edit rupay cards presently has over 35 % of market share in indian card payment scheme behind visa which has over 50 % of the market share . more than 20 % of the transactions in india is done through rupay cards in india today . 28 rupay for farmers edit rupay also provides a unified kisan card issued by banks across the country under kisan credit card enabling farmers to transact business on atms and pos terminals . 29 pungrain punjab grains procurement corporation ltd pays commission agents through the rupay debit card and developed a commission agents network called the kisan arhtia information and remittance online network kairon with the help of the national payments corporation of india . 30 31 32 kotak mahindra bank in partnership with rupay rolled out an initiative for financial inclusion where the dairy farmers across 75 cooperative societies of amul in regions of burdwan and hooghly of west bengal will be able to get their payments directly into their account on the same day of sale of milk . 33 the same model is planned to be adopted in the state of gujarat where 1200 cooperative societies comprising over 300 000 dairy farmers will be the part of the programme . 33 see also edit aadhaar unified payments interface references edit rupay card all information about rupay and rupay card . banking awareness . 2012 08 29 . retrieved 2014 08 14 . a b finally india card rupay to replace visa mastercard the times of india . articles.timesofindia.indiatimes.com . retrieved 2014 08 14 . desi alternative to visa mastercard from july . deccanherald.com . 2013 05 02 . retrieved 2014 02 09 . npci s rupay debit cards to rival visa and mastercard the economic times . economictimes.indiatimes.com . 2012 03 27 . retrieved 2014 02 09 . visa & mastercard gone . rupay card bring it on . moneycontrol.com . retrieved 2014 08 14 . indiapay s name changed to rupay . financial express . 2010 12 28 . retrieved 2014 08 14 . http www.npci.org.in rupaybackground.aspx npci to launch rupay global cards by july economic times . articles.economictimes.indiatimes.com . 2013 04 05 . retrieved 2014 02 09 . clipping of mumbai 06 april 2013 readwhere . epaper.financialexpress.com . retrieved 2014 02 09 . npci to launch rupay global cards by july ibn live news . ibnlive.in.com . 2013 04 05 . retrieved 2014 02 09 . ians 2014 05 08 . pranab launches rupay india s own card payment network . the hindu . retrieved 2014 08 14 . pranab mukherjee dedicates india s own payment gateway rupay to nation latest news & updates at daily news & analysis . dnaindia.com . 2014 05 09 . retrieved 2014 08 14 . ens economic bureau new delhi . india gets its own payment gateway rupay . the new indian express . retrieved 2014 08 14 . india s own payment gateway rupay launched . livemint . 2014 05 08 . retrieved 2014 08 14 . our bureau . soon you can use the rupay platform to shop abroad book railway tickets business line . thehindubusinessline.com . retrieved 2014 08 14 . press detail diners club international . diners club international . retrieved 2016 08 07 . megha mandavia 2013 03 29 . come april you can use rupay even online latest news & updates at . dnaindia.com . retrieved 2014 02 09 . national payments corporation of india . npci.org.in . retrieved 2014 02 09 . aadhaar chip & pin need to coexist the times of india . timesofindia.indiatimes.com . retrieved 2014 02 09 . npci launches e commerce solution in rupay card . business standard . 2013 06 21 . retrieved 2014 02 09 . rupay cards can be used online times of india . articles.timesofindia.indiatimes.com . 2013 06 22 . retrieved 2014 02 09 . national payments corporation of india . npci.org.in . retrieved 2014 02 09 . nair vishwanath ; vishwanathan vivina january 7 2016 . npci s unified payment interface to start in april . live mint . retrieved 17 september 2016 . a b national payments corporation of india . npci.org.in . retrieved 2014 02 09 . rupay card base to touch 25 mn by mar ncpi economic times . articles.economictimes.indiatimes.com . 2014 02 02 . retrieved 2014 08 14 . rupay debit cards to gain from small finance banks . business standard . september 5 2016 . retrieved 17 september 2016 . ot partners with axis bank to offer india s first rupay emv contactless smart card . business wire . july 26 2016 . retrieved 17 september 2016 . rebello joel december 16 2015 . jan dhan yojana rupay gaining currency irks us companies mastercard & visa . economic times . retrieved 17 september 2016 . rupay a new indian payment system pdf . pbr . retrieved 17 september 2016 . punjab government to make online payment to commission agents economic times . articles.economictimes.indiatimes.com . 2013 03 31 . retrieved 2014 02 09 . wheat procurement begins today arthias to get payments online . indian express . 2013 04 01 . retrieved 2014 02 09 . punjab govt to make online payment to commission agents business line . thehindubusinessline.com . 2013 03 31 . retrieved 2014 02 09 . a b kotak bank rolls out financial inclusion plan for amul workers business line . thehindubusinessline.com . 2013 12 17 . retrieved 2014 02 09 . external links edit npci additional information v t e banking in india reserve bank reserve bank of india public sector banks allahabad bank andhra bank bank of baroda bank of india bank of maharashtra bharatiya mahila bank canara bank central bank of india corporation bank dena bank idbi bank indian bank indian overseas bank oriental bank of commerce post bank of india punjab & sind bank punjab national bank state bank of bikaner & jaipur state bank of hyderabad state bank of india state bank of mysore state bank of patiala state bank of travancore syndicate bank uco bank union bank of india united bank of india vijaya bank private sector banks axis bank bandhan bank catholic syrian bank city union bank dcb bank dhanlaxmi bank federal bank hdfc bank icici bank idfc bank indusind bank jammu & kashmir bank karnataka bank karur vysya bank kotak mahindra bank lakshmi vilas bank nainital bank rbl bank ratnakar bank south indian bank tamilnad mercantile bank limited yes bank cooperative banks buldhana urban cosmos bank repco bank saraswat bank shamrao vithal co op . bank tnsc bank rajkot nagrik sahakari bank foreign banks abn amro abu dhabi commercial bank antwerp diamond bank australia and new zealand banking group bank internasional indonesia bank of america bank of bahrain and kuwait bank of ceylon the bank of tokyo mitsubishi ufj barclays citibank india credit suisse deutsche bank hsbc the royal bank of scotland scotiabank standard chartered regional rural banks andhra pragathi grameena bank kerala gramin bank bangiya gramin vikash bank gramin bank of aryavart north malabar gramin bank pallavan grama bank pandyan grama bank paschim banga gramin bank sarva up gramin bank south malabar gramin bank uttar bihar gramin bank vananchal gramin bank list of regional rural banks in uttar pradesh interbank networks bancs cashnet cirrus imps upi mitr nfs plus rupay defunct banks alliance bank of simla arbuthnot & co bank of bombay bank of calcutta bank of chettinad bank of cochin bank of hindostan bank of madras bank of madura bank of rajasthan bank of thanjavur bareilley corporation bank bengal