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RuPay was initiated by the Indian National Payments Corporation of India in 2012 and it operates only within the country. ATM withdrawals, internet transactions, and card payments are all available to RuPay cardholders. The RuPay card lowers operational costs and accelerates processing times compared to Visa and MasterCard. RuPay cards are accepted across the country in both urban and rural locations. So, let's understand how RuPay functions in detail.
What is RuPay?
RuPay is Indian first native card payment infrastructure, and it is widely used at ATMs, Point of sale terminals, and e-commerce platforms. It's a super-secure system that also protects against phishing. It is the response to worldwide payment networks and a statement of national pride. RuPay makes the RBI's goal of a cashless economy a reality. Only by pushing each Indian bank and financial institution into becoming tech-savvy and participating in electronic payments could this be accomplished.
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