Rupay payment network is growing in India

Hello and Namaste Everyone

Most of us are aware of MasterCard or visa because we use either one of them as one of the bank card provider. Our debit aur credit cards are backed by these companies and they are very well known brand worldwide. Banks are able to issue these credit card or debit cards with collaboration with these companies and these companies are operating globally on a scale.

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India has got its own payment system that is called upi and they have also created its own payment network which is known as Rupay. Upi is one of the leading services created by the Indian payment authority that is also known as npci. This organisation is called National payment corporation of India and upi is their product which is not just popular in India but some other countries have also adopted these payment system. It clearly shows that India has got a fantastic payment system that happens in real time and transactions are settled in less than second which we can also call it instantly.

The rupaye ecosystem is also growing because now Indian banks are issuing credit card backed bye Rupay and this is affecting the market of visa and MasterCard. This is going to take some time I think because this is in the early stage but it is expected that in next few years the market for the rupay card will expand.

Upi payment is also integrated with rupay card that means using the credit card also we can make the payment using upi mechanism. There is another good news that has come from the IndusInd Bank and this bank has launched India's first corporate credit card on the rupay network. Banks are moving towards the way and they are expanding this network so with this space we can expect that in future we are going to see more enhancement on the Rupay network. This system has got multiple limitations at present but hopefully things will improve in future and this is why I say that banks are going to create a bigger ecosystem of Rupay network which will surely affect the global companies like Visa and MasterCard in India.

Thank you so much
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