Tuesday, April 30, 2013

APGVB launches cards on RuPay platform

Andhra Pradesh Grameena Vikas Bank (APGVB) has launched ATM-cum-debit cards and kisan credit cards on the RuPay platform. 

“With this initiative, our small depositors and farmer-borrowers will have access to draw their money from any ATM owned by State Bank Group, ICICI, HDFC and AXIS Bank,” K. Lakshmana Rao, Chairman, APGVB, said in a release on Monday. 

The regional rural bank, sponsored by State Bank of India, was only second in its category to launch the service, he added. The Rupay platform is powered by National Payments Corporation of India as a rival to global payment product companies such as MasterCard and Visa. 

During the last financial year ended March 31, 2013, APGVB’s business crossed Rs 12,000-core mark with a net profit of Rs 164 crore.

Friday, April 19, 2013

Federal Bank launches Rupay brand debit card

Private sector Federal Bank today launched Rupay brand debit card.

The debit card would be accepted in over one lakh ATM's of National Financial Switch member banks in the country and would be accepted on point of sale and Internet soon.

"Federal Bank is the first private sector bank and the 10th bank in the country to launch Rupay Card," a bank press release said here today.

Rupay is the card scheme launched by the National Payment Corporation of India to offer a domestic, open loop, multilateral system which will allow all Indian banks and financial institutions in India to participate in the electronic payments market.

Rupay's strategic objective includes providing assistance in making cash payments electronic, creating a common platform for all banks and payment forms channels, becoming a "top of the wallet" card for all Indian consumers across segments, providing available domestic option to Indian market and acting as a nodal body for the electronics payments industry.

Since the Rupay Transaction processing will happen domestically, it would lead to lower transaction cost for Federal Bank, compared to international schemes, the release said.

Rupay will also build an environment whereby payment information of the country remains within the country which would be beneficial for both the bank and customers by means of reduced settlement cost.

The bank has 1,103 branches and 1,180 ATMs across India. Its total business (deposits and advances) crossed milestone of Rs One lakh crore as on March 31, 2013 (unaudited figures), the release said.

Wednesday, April 17, 2013

NPCI to launch RuPay global cards by July

National Payments Corporation of India (NPCI) today said its RuPay debit card will go international by July and announced a tie-up with an American card issuer.

Announcing the tie-up with Discover here, NPCI Chief Executive A P Hota said both RuPay and the American firm stand to gain from this partnership due to extended distribution network of their respective cardholders.

"The RuPay Card is also leveraging upon EMV technology of Discover to issue global cards. Cards, terminal and host specifications for the RuPay global cards have since been released to the pilot-member banks. Issuance of RuPay global cards will commence in July with two banks," Hota said.

NPCI and Discover Financial Services also announced operationalisation of acceptance of Discover and Diners' Club cards in India on NPCI's NFS (National Financial Switch) network.

As part of a strategic alliance, announced last year, Discover and Diners Club cards now are accepted at over 85,000 NFS ATMs across the country, Hota said.

In the coming months, RuPay global cards will be issued and accepted on the Discover, Diners Club International and PULSE networks for international purchases and cash access outside India. This will be followed by the acceptance of Discover and Diners Club cards access at point-of-sale terminals for purchases in the country.

Thursday, April 11, 2013

NPCI ties up with Discover Financial

Reserve Bank of India-backed National Payments Corp. of India Ltd (NPCI), the nodal agency to manage and promote retail electronic payments in India, on Friday tied-up with US-based Discover Financial Services to launch globally accepted debit cards.

NPCI is already running an indigenous debit card payment network called RuPay to compete with multinationals Visa Inc. and Mastercard Inc.
 
“Discover card holders can now already use them in 85,000 ATMs linked to the national financial switch in India and from June end or early July. Rupay card holders can also use them abroad,” said A.P. Hota, managing director and chief executive officer, NPCI.

Monday, April 8, 2013

Farmers in Dakshina Kannada to get 'RuPay' card

South Canara District Central Cooperative (SCDCC) Bank will distribute 'RuPay', kisan credit cards, which will enable farmers to bank with any societies or primary agriculture cooperative societies and swipe at any malls across the nation. Cards will be distributed to all farmers, who have Mangala Kisan Credit Card account in Dakshina Kannada district.

"SCDCC will be the first DCC in the nation to implement RuPay, which is an ambitious scheme of Nabard," said bank chairman MN Rajendra Kumar.

He told TOI that RuPay card holders may use the card in more than one lakh ATMs that have national financial switch network and in all the ATMs of DCCs.

SCDCC has obtained Issuer Identification Number (IIN) from National Payment Corporation of India for the purpose, Kumar said, adding that the card holders also may swipe the card at any points of sale in any shopping malls across the nation.

"The bank has plans of opening 17 new branches and setting up an institute to train cooperative employees," he further added.

Desi card RuPay gets global access

The National Payments Corporation of India (NPCI), which plans to rival Visa and MasterCard with its own RuPay Card, has got a leg up in its plans to provide international access to future RuPay cardholders following a tie-up with Discover Financial Services.

On Friday the two partners, entered the first phase of their partnership by providing Discover cardholders access to 85,000 ATMs in India which are part of the NPCI network.

Discover Financial Services is a banking and payments services company which competes with payment companies such as Visa and MasterCard and owns the card company Discover, Diners Club cards and Pulse ATM networks. Unlike Visa and MasterCard, which partner banks to enable them issue cards with similar features, Discover adopts a philosophy of partnering local payment networks across the world, including in China, Japan and Korea.


In China, Discover has partnered UnionPay, the largest network in China which will become available to RuPay global cardholders. Worldwide, Discover has a network of two crore retail outlets and 9.5 lakh ATMs which accept Discover Cards.

"We purely partner and do not have ambitions to compete with domestic networks," said David Nelms, chairman & CEO of Discover. He added that the Diner's Club credit card, which is being issued by HDFC Bank in India, is expected to grow significantly in numbers. "The alliance with NPCI marks another milestone for discover as the company has established network to network alliances across the globe. We plan to expand our acceptance footprint in the coming years throughout the country and provide our card members from all across the world the ability to use their cards at merchants across major metros and key tourist destinations in India," he added.

According to A P Hota, MD & CEO of NPCI, issuance of RuPay International cards would begin from July 2013 with two banks. NPCI started its services providing cheaper access to third-party ATMs by setting up a network with very low transaction charges with strong support from the Reserve Bank of India.

The next stage was to issue RuPay debit cards which would be accepted at merchant establishments across the country. The payments company has already enrolled around 85,000 point of sales terminals where Rupay cards can be accepted.

In the third stage, in May RuPay will have its own e-commerce platform to enable cardholders make purchases online at websites such as Indian Railways. "Rupay is also leveraging the EMV (chip card) technology of Discover to issue global cards. Cards, terminal and host specifications for RuPay Global Cards on D-PAS have since been released to banks," said Hota.