India’s Rupay vs. China’s UnionPay in numbers – Scenario Building for Rupay

Rupay is an Indian domestic card scheme conceived and launched by National Payments Corporation of India (NPCI) on 26thMarch 2012. NPCI is an institution driven by RBI to support/drive all the retail payment systems in the country. NPCI was founded in 2008 under RBI with ten core promoter banks namely, State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC. The core objective was to consolidate and integrate the multiple payments systems with varying service levels into nation-wide uniform and standard business process for all retail payment systems.

NPCI launched Rupay on the lines of China’s UnionPay with an objective to offer a domestic, open-loop, multilateral system which will allow all Indian b ...

To continue reading, sign up for MEDICI Inner Circle and get free access for 7 days.
100,000+ FinTech professionals trust MEDICI Inner Circle to stay up to date on the latest in financial services.