RuPay
Encyclopedia
RuPay is the Indian domestic card payment network being set up by National Payments Corporation of India
(NPCI) at the behest of banks in India. This project had been conceived by Indian Banks Association and had the approval of Reserve Bank of India. The objectives to be fulfilled are :
NPCI will soon provide a full range of card payment services including the RuPay ATM, RuPay MicroATM, Debit, Prepaid and Credit Cards which will be accepted in India and abroad, across various channels like POS, internet, IVR and mobile etc.
Initial focus of NPCI would be to approach those banks who have not been issuing any payment card at all. Regional Rural Banks and urban co-operative banks are ideal. In due course, it would approach other banks and enter the mature segments in competition with international card schemes who have already got a good presence.
Reserve Bank approval has already been received for NPCI to approach banks for issuance of RuPay cards for acceptance at ATMs and micro-ATMs.
Once POS acceptance and e-commerce infrastructure is ready, NPCI would approach for final approval for rolling out RuPay cards that would be accepted on all channels
RuPay is a coinage which indicates coming together of ‘Rupee’ and ‘Payment’ to announce the launch of a new world-class retail payment system in India. The new system is simple to use, affordable, state-of-the –art and easily accessible even in the remotest corner of India round-the-clock.
The RuPay Visual Identity is a modern and dynamic unit. The orange and green arrows indicate a nation on the move and a service that matches its pace. The Indian colors connote that it’s deeply rooted in India. The color blue stands for tranquility and peace which is precisely the sense that people must get from the brand ‘RuPay’. The bold and unique typeface grants solidity to the whole unit and symbolizes a stable entity.
National Payments Corporation of India
Reserve Bank of India, after setting up of the Board for Payment and Settlement Systems in 2005, released a vision document incorporating a proposal to set up an umbrella institution for all the RETAIL PAYMENT SYSTEMS in the country...
(NPCI) at the behest of banks in India. This project had been conceived by Indian Banks Association and had the approval of Reserve Bank of India. The objectives to be fulfilled are :
- Reduce overall transaction costTransaction costIn economics and related disciplines, a transaction cost is a cost incurred in making an economic exchange . For example, most people, when buying or selling a stock, must pay a commission to their broker; that commission is a transaction cost of doing the stock deal...
for the banks in India by introducing competition to international card schemes. - Develop products appropriate for the country particularly for financial inclusion.
- Provide card payment service option to many banks who are currently not eligible for card issuance under the eligibility criteria of international card schemes.
- Build environment whereby payment information of the country remains within the country
- Shift Personal Consumption Expenditure (PCE) from cash to electronic payments in a growing economy with a population of 1.2 billion
NPCI will soon provide a full range of card payment services including the RuPay ATM, RuPay MicroATM, Debit, Prepaid and Credit Cards which will be accepted in India and abroad, across various channels like POS, internet, IVR and mobile etc.
Initial focus of NPCI would be to approach those banks who have not been issuing any payment card at all. Regional Rural Banks and urban co-operative banks are ideal. In due course, it would approach other banks and enter the mature segments in competition with international card schemes who have already got a good presence.
Reserve Bank approval has already been received for NPCI to approach banks for issuance of RuPay cards for acceptance at ATMs and micro-ATMs.
Once POS acceptance and e-commerce infrastructure is ready, NPCI would approach for final approval for rolling out RuPay cards that would be accepted on all channels
RuPay Trademark and logo design
http://www.google.co.in/imgres?q=rupay&hl=en&client=firefox-a&hs=65W&sa=X&rls=org.mozilla:en-US:official&channel=s&biw=1113&bih=665&tbm=isch&tbnid=qS1IkAcbngZ5oM:&imgrefurl=http://www.campaignindia.in/Article/257146,rk-swamy-bbdo-handles-branding-duties-for-npci8217s-rupay.aspx&docid=Exh7zUfNaG1GdM&w=460&h=325&ei=6xNWTpaANMHnrAfs9JTUCg&zoom=1&iact=hc&vpx=805&vpy=77&dur=4680&hovh=189&hovw=267&tx=147&ty=118&page=6&tbnh=133&tbnw=188&start=70&ndsp=13&ved=1t:429,r:4,s:70RuPay Logo]RuPay is a coinage which indicates coming together of ‘Rupee’ and ‘Payment’ to announce the launch of a new world-class retail payment system in India. The new system is simple to use, affordable, state-of-the –art and easily accessible even in the remotest corner of India round-the-clock.
The RuPay Visual Identity is a modern and dynamic unit. The orange and green arrows indicate a nation on the move and a service that matches its pace. The Indian colors connote that it’s deeply rooted in India. The color blue stands for tranquility and peace which is precisely the sense that people must get from the brand ‘RuPay’. The bold and unique typeface grants solidity to the whole unit and symbolizes a stable entity.