NPCI Launches RuPAY: Towards A Cashless India.

In this age of digitalism, we are empowered to transform lives to better which was hard to imagine just a couple decades back. For our country is evolving in a million ways digitalism has become a necessity now.

Digital payments or E-banking has become an epitome of trend just in the recent years. Paying all your bills, getting your payments, shopping online, booking tickets for airways, railways, top-notch restaurants has just become a lifestyle now.

Founded in 2008, National Payments Cooperation of India is a non-profit organisation marked under section 8 of the Companies Act 2013. The organisation is owned by a consortium of major banks and has been promoted by the country’s central bank, the Reserve Bank of India.

This organization held a one of a kind event named as the “NPCI bloggers meet” at The Capital, Bandra Kurla Complex Mumbai on September 16, 2017, for the members to get a first-hand sneak peak into their new products and services launched in India. They have been pioneers in multiple products that provide financial services & digital transactions in India.

Its recent work of developing Unified Payments Interface aims to move India to a cashless society with only digital transactions and bare use of paper notes.

It has successfully completed the development of a domestic card payment network called RuPay, reducing the dependency on international card schemes. The RuPay card is now accepted at all the ATMs, Point-of-Sale terminals and most of the online merchants in the country. More than 300 cooperative banks and the Regional Rural Banks (RRBs) in the country have also issued RuPay ATM cards.

RuPay has been conceived to fulfil the vision of Reserve Bank of India (RBI) of offering a domestic, open-loop, multilateral payment system to all banks and financial institutions in India.

RuPay will be instrumental in creating a less-cash economy and furthering the electronic payments system to make India a financial inclusive economy. RuPay was launched on March 26, 2012.RuPay is well poised to support the issuance of cards (Debit, Credit and Prepaid) by banks in India and thereby supporting the growth of retail electronic payments in India.

They can be easily used for billing tickets, order food, online shopping, renting hotels around the world accompanied by cashbacks, ultimate offers, schemes and discounts. They can be moreover used as metro cards, in general, retail stores, departmental stores, ATMs, parking, lounges and restaurants etc. It’s like your mini wallet and you’re basically hassle-free from tackling paper notes.

To make your work easier, they’ve launched an app available on the play store and apple phones specifically for the “RuPay” users named BHIM that is Bharat Interface for Money comprising of the Unified Payment Interface aka UPI to pay bills, track offers, details and ensure utter security.

This is an awesome initiative taken by the organization and is a step to make our country digitally able and empowered.

What do you think?

Written by TEAM WSL

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