India on Thursday launched its own payment gateway ‘RuPay’, equivalent of Visa and Mastercard, which will work on ATMs and mechant outlets and help in reducing cash transactions.
President Pranab Mukherjee unveiled the indigenous card at a function in Rashtrapati Bhavan. Dedicating it to the nation, Mukherjee said India is one of the few countries in the world to have its own card payment gateway.
The RuPay platform — developed by National Payments Corporation of India (NPCI) — is being used by certain banks like ICICI, State Bank of India, Punjab National Bank, among others, for clearing and settlement.