RuPay to go global, take on card biggies

........Three banks have been given the responsibility of making the desi payment card an international one on a pilot basis. Bank of Baroda, Central Bank of India and Saraswat Bank have begun to issue the international RuPay cards. “RuPay International will be a full-fledged service from next year. Now, we are running it on pilot basis with three banks. The RuPay card payment system is an indigenously developed card system that will help the banks cut their transaction cost to one-third of the prevailing rates,” said A P Hota, managing director and CEO, National Payments Corporation of India (NPCI). Initiated by the Reserve Bank of India, the domestic payment system project is now successfully run by NPCI. RuPay symbolises India’s ability to have a domestic payment card system without having to depend on international card providers like Visa and MasterCard that dominate the Indian market today............

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