The RuPay card was officially launched in the UAE on 24 August 2019 at the Emirates Palace, Abu Dhabi in presence of PM Narendra Modi in what would further assist India’s business interests and diaspora in the resource rich Gulf region. UAE is the first country in the Gulf where Indian RuPay card has been launched. Modi swiped his Rupay card for buying Indian sweets. The PM is visiting UAE between his bilateral summit in Paris and G-7 Summit in Biarritz.
- UAE receives close to 3 million Indian tourists annually. Acceptance of Rupay card in UAE will lower the charges as tourists will save on exchange rate.
- National Payment Corporation of India (NPCI) is association with Mercury Payments Services - UAE’s Domestic Scheme has made RuPay Cards acceptable at 175,000 merchant acceptance locations and 5,000 ATM and cash access locations within UAE.
- Today, there are close to 500 million RuPay cards in circulation in India. RuPay has also tied-up with international players like Discover, Japan Credit Bureau and China Union Pay to enhance its international acceptance and recently achieved a milestone of issuing 25 million RuPay – Discover global cards.
- NPCI, which manages the RuPay card network in the country issues RuPay Global cards that run on the Discover Network when used outside India.
- The acceptance of RuPay Global cards with the partnership of Discover has reached over 44 million plus merchants & 2 million ATM and cash access locations, across 190 countries and is constantly growing.
- RuPay card scheme was launched in 2012 to fulfil the Reserve Bank of India’s vision to have a domestic, open and multilateral system of payments.
- RuPay facilitates electronic payment at all Indian banks and financial institutions.
- India has already launched the RuPay card in Singapore and Bhutan.
- RuPay is a product of NPCI, the umbrella organisation that powers retail payments in the country. The provision under the Payment and Settlement Systems Act, 2007, empowered the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) to create a secure electronic payment and settlement system in India.
- The nature of NPCI’s initiatives and objectives includes it under the “Not for Profit Company” under the provisions of Section 25 of the Companies Act 1956 and more recently under the Section 8 of the Companies Act 2013.
- This was an initiative to build the necessary banking infrastructure required to propel India towards a ‘less cash’ economy.
- NPCI recognises the need for tech-driven innovations in the retail payments system to drive operational efficiencies among a larger Indian audience.
- RuPay is the first-of-its-kind India’s domestic Debit and Credit Card payment network, with wide acceptance at ATMs, POS devices and e-commerce websites across India. It is a highly secure network that protects against cyber hacks and is India’s version of Master Card and Visa.
- It has been developed to offer secure, user friendly and cost effective solutions to facilitate low value payments and build a cashless transaction environment.