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For the first time in their 30-year existence, Visa and MasterCard, the world's largest payment companies, are facing the heat in India.
For the first time in their 30-year existence, Visa and MasterCard, the world's largest payment companies, are facing the heat in India. Lending its weight behind the local card scheme, RuPay, the government has asked state-owned banks to issue RuPay debit cards to customers.
For banks, it's a mandate they will have to fulfil. Within the next six months they will have to offer the new debit card to existing customers, inform thousands of branches and submit progress report to the ministry every quarter.
For MNC payment firms, the stakes are high. Every year around Rs 80,000 crore worth of debit card spends happen in India, of which 5% are cross-border transactions. It's a market that's growing at close to 35% annually. Credit card transactions, growing at over 25%, are more than two times debit card spends.
Lower cost and affordability :
Since the transaction processing will happen domestically, it would lead to lower cost of clearing and settlement for each transaction. This will make the transaction cost affordable and will drive usage of cards in the industry.
Customized product offering :
RuPay, being a domestic scheme is committed towards development of customized product and service offerings for Indian consumers.
Protection of information related to Indian consumers :
Transaction and customer data related to RuPay card transactions will reside in India.
Provide electronic product options to untapped/unexplored consumer segment :
There are under-penetrated/untapped consumers segments in rural areas that do not have access to banking and financial services. Right pricing of RuPay products would make the RuPay cards more economically feasible for banks to offer to their customers. In addition, relevant product variants would ensure that banks can target the hitherto untapped consumer segments.
Inter-operability between payment channels and products :
RuPay card is uniquely positioned to offer complete inter-operability between various payments channels and products. NPCI currently offers varied solutions across platforms including ATMs, mobile technology, cheques etc and is extremely well placed in nurturing RuPay cards across these platforms.
originally posted by: lightedhype
Am I the only one that has a nagging suspicion certain BRIC countries may attempt to implement something like a cryptocurrency system here shortly?
It's a dream - at least.
originally posted by: maddy21
a reply to: FraternitasSaturni
Most of the "call centres" are in Malaysia and other south eastern nations for a couple of years now , and not in India . India is no longer the hub of call centres