The scheme was conceived and launched by NPCI. It aims to create domestic and open loop system of payments in the country. Its earlier name was ‘IndiaPay’ but it was later changed to avoid conflicts.
Unlike other big players in the market this scheme will be easy on the pockets of the common man. It will have minimal service charge, faster transaction speed, No quarterly/entry fee and will be internationally accepted.
Name this system in adherence to which SBI launched its Platinum Debit card.
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RuPay
These cards are accepted at all ATM’s. On 8 May 2014, RuPay has been dedicated to India by President of India, Pranab Mukherjee at Rashtrapati Bhavan.