RuPay to reduce cash transaction: Pranab Mukherjee

   T- Tweet New Delhi, May 8:  Soon you can book train ticket on IRCTC (Indian Railway Catering and Tourism Corporation) through RuPay pre-paid card. RuPay is India’s own card payment network just like Visa and Master Card and provides an alternative system for banks to provide debit card service.

The system has been developed by National Payment Corporation Ltd (NPCL). To make this system acceptable internationally, the company is in advance talks with Discover Financial Services of US for Western world and JCB of Japan for Eastern world.

RuPay is 7th payment network in the world after Visa, MasterCard, American Express, Discover, Diners Club, and JCB.

On Thursday, President Pranab Mukeherjee dedicated the payment network to the nation.

“An indigenous system like RuPay will, hopefully, not only reduce the dependence on cash and cheque modes of settlement but will also make it easier to offer products based on specific requirements of diverse user sets within the country,” he said, while adding that India is one of the few countries in the world to meet domestically the need for card payment system.

Currently over 12 per cent of GDP worth cash and coins are in circulation which is quiet high.

RuPay, like any other debit card, works on three channels, ATMs, Point of Sales (PoS) and online sales beside Aadhar-based micro ATM.

So far, 31 scheduled commercial banks based in public and private sector, 49 regional rural banks and 175 co-operative have issued over 2 crore RuPay cards. This card is accepted at all the 1.6 lakh ATMs, 95 per cent of point of sales terminals (9.45 lakh

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