The National Payments Corporation of India is an company which looks at creating national retail payment systems in India, and is promoted by leading banks in India. This institution has announced a major initiative (approved by the Reserve Bank of India) and was initially called "IndiaPay". It has now been renamed to "RuPay".
This aims to be the Indian alternative to something and garner a piece of the market which is dominated by two global players. Who are these two?
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MasterCard and Visa; payment processing .