Rupay debit card
National Payments Corporation of India (NPCI), the umbrella organization of all retail payment systems in India launched RuPay PaySecure service for e-commerce solution. User can now make online payments using RuPay cards for reservations, booking, ticketing and shopping etc.
NPCI has joined hands with US-based online security firm Acculynk to enable payment authentication of these cards. The corporation has partnered with Bank of Baroda, Union bank of India and Kotak Mahindra Bank who will act as acquirers whereas Bank of Baroda, Union Bank of India and Bank of India have become issuers. State Bank of India and HDFC Bank will soon join the initiative.
As per an official statement, RuPay PaySecure solution has tied-up with 100-plus merchant websites across multiple categories that would accept RuPay card for online payment services. NPCI is aiming to cover 100% of e-commerce market by this year-end. No specific websites name has been mentioned in the statement.
AP Hota, Managing Director and CEO, NPCI, said, "Enabling the RuPay card for online transaction through the PaySecure solution will positively impact e- commerce growth in India and be positive for issuers, merchants and consumers. With this launch, NPCI is one step closer to fulfilling the vision of bringing millions of RuPay cardholders to e-commerce."
"The launch of PaySecure with RuPay in India, Acculynk is well on its way to becoming the first global debit authentication network, bringing together debit cardholding consumers from across the globe to merchants," said Ashish Bahl, CEO, Acculynk. "Our ability to bring millions and frankly billions of new consumers from debit centric markets to U.S. merchants with a single PaySecure implementation is a game changer for e-commerce."
Since its launch in March 2012, RuPay cards issuance has grown to over 3 million claims NPCI. RuPay debit cards are being issued by 20 commercial banks, 32 Regional Rural Banks and over 75 co- operative banks.
CCAvenue has been officially authorized by RBI to process transactions through RuPay Cards. RuPay is competing with Master/Visa and is expected to transform the Indian Banking sector. Merchants using CCAvenue's services would be able to collect payments through RuPay Debit cards along with Master/Visa Credit Debit cards. CCAvenue charges as low as 1.25% on RuPay debit cards.
The Internet and Mobile Association of India estimates India has 52 million active Internet users and 40 percent of them have shopped online. The introduction of RuPay as an online payment method is expected to contribute to a substantial increase the number of active online shoppers.