In 2009, the RBI had asked the Indian Banks Association to launch a not-for-profit company and design a rival card, then tentatively called India Card, that meets the requirements of the domestic banks.
(A senior official of the RBI-set up National Payments Corporation of India (NPCI)) said the leading financial consultancy firm Ernst & Young(E&Y) will develop and roll out the entire architecture, including the design and software for the Rupay card rollout.
A senior E&Y official confirmed the development to this agency. He further said, the NPCI will initially launch a domestic ATM/debit cards to begin with and then would hit the credit card market later on.
Though little information is disclosed about Rupay’s ultimate goal, people should not be surprised if they want to go after overseas market as well. Mercator will discuss the implications of Rupay and its longer term goals in more details in a new Perspective coming soon.
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